Importance of statistics and its function

Importance of Statistics The importance of statistics can be defined in different parts i.e. statistics in planning in economics, in business etc because statistical methods are used in every economic related areas. 1. Statistics in planning : Modern age is the age of planning every objective plan depends upon the correct and sound statistical data. Planning is the pre-determined sets of program and policies, which is formulated in order to meet the targeted objectives,. To formulate the plan and details study of the existing situation is needed which is possible only thorough the statistical tools. 2. Statistics in Economics : Statistics is very essential to develop and prove the principles and laws of economics. It has great importance to understand the economics problems like production, consumption, distribution etc. as they can be solved by using statistical data. 3. Statistics in business : For the smooth operation of the business, statistical information is very useful. It simplifies the complex situation of business. It helps to study about the situation of market demand, supply, price etc. Without a very careful study of market it is difficult to success in business. Therefore the statistics is very essential in business sector also. Function of statistics The function of statistics can be defined on the following points: 1. Statistics simplify’s complexes 2. Statistics express facts in definite form 3. It facilities comparison 4. It helps in formulating policies 5. Statistics helps in forecasting Read more on Brainly.in - https://brainly.in/question/2578987#readmore