8. Use of Statistical Tools
Statistical tools and methods play a vital role in analyzing economic activities by guiding the collection, processing, and interpretation of data. The chapter outlines the steps involved in designing a project and developing effective surveys, emphasizing how to identify target groups and present data through appropriate graphical representations. By applying statistical measures, one can draw meaningful conclusions and make informed decisions based on collected data.
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What we have learnt
- Statistical tools aid in the systematic analysis of economic data.
- Identification of target groups is crucial for effective data collection.
- The processing and graphical representation of data are essential for clear presentation.
Key Concepts
- -- Measures of Central Tendency
- Statistics that summarize a set of data by identifying the central point within that dataset, commonly calculated through mean, median, and mode.
- -- Measures of Dispersion
- Statistics that describe the spread or variability of a dataset, including metrics such as range, variance, and standard deviation.
- -- Primary and Secondary Data
- Primary data is firsthand information collected directly from the source, while secondary data is collected from existing sources.
- -- Sampling Techniques
- Methods used to select a subset of individuals from a population to gather data, including random sampling and stratified sampling.
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