IGNOU| ELEMENTS OF STATISTICS (ECO - 07)| SOLVED PAPER – (DEC - 2022)| (BDP)| ENGLISH MEDIUM
BACHELOR'S DEGREE PROGRAMME
(BDP)
Term-End Examination
December - 2022
ECO-07
ELEMENTS OF STATISTICS
Time: 2 hours
Maximum Marks: 50
Note: Attempt any five questions. All questions carry
equal marks. Simple calculator is allowed.
हिंदी माध्यम: यहां क्लिक करें
1. Discuss the importance of Statistics in Business. 10
Ans:- Statistics play an important role in businesses
of all sizes. By collecting and analyzing data, businesses can gain insight
about their customers, operations, and markets. This information can be used to
make better decisions, improve efficiency and increase profits.
Here are some
specific ways statistics are used in business:-
(i)
Customer Insights: Businesses can use statistics to understand the
behaviour, preferences and needs of their customers. This information can be
used to target marketing campaigns, develop new products and services, and
improve customer satisfaction.
(ii)
Operations: Statistics can be used to track and analyze business
operations. This information can be used to identify areas of improvement,
optimize processes, and reduce costs.
(iii)
Market: Statistics can be used to track and analyze market trends. This
information can be used to make better decisions about pricing, inventory, and
product development.
Apart from these
specific applications, statistics can also be used to make better decisions in
general. By collecting and analyzing data, businesses can gain a better
understanding of the world around them. This information can be used to make
more informed decisions about everything from product development to marketing
and pricing.
For example,
let's say you're a business owner who wants to decide whether to open a new
store. You can use statistics to collect data on the demographics of your
target market, sales of similar stores in your area, and the cost of opening a
new store. This information can be used to make more informed decisions about
opening a new store.
Statistics is an
essential tool for businesses of all sizes. By collecting and analyzing data,
businesses can gain insight about their customers, operations, and markets.
This information can be used to make better decisions, improve efficiency and
increase profits.
The
importance of statistics in business can be understood from the following:-
(i)
Marketing: Statistical analysis is often used in providing information for
decision making in the field of marketing. It is important to first find out
what can be sold and then develop a suitable strategy, so that the goods can
reach the final consumer. For any attempt to establish new markets, data on
purchasing power of production, manpower, consumer habits, transportation
costs, etc. must be analyzed efficiently.
(ii)
Production: Statistical data and method play a very important role in the
field of production. Decisions about what to produce, how to produce, when to
produce, and for whom to produce are based largely on statistical analysis.
(iii) Finance:
Financial organizations depend heavily on statistical analysis to perform their
finance functions effectively.
(iv)
Banking: Banking institutions have found it necessary to set up research
departments within their organization for the purpose of collecting and
analyzing information not only in relation to their business but also in
relation to the general economic situation and every area of business. is
interested in.
(v)
Investment: Statistics greatly assists investors in making clear and
valuable decisions in their investment decision in choosing those securities
which are safe and have the best chances of getting good income.
(vi)
Purchasing: The purchasing department in the discharge of its function uses
statistical data to formulate appropriate purchasing policies such as what to
purchase; what quantity to purchase; what time to buy; Where to buy; who to
buy;
(vii)
Accounting: Statistical data are also used in accounting, especially in the
auditing function, the techniques of sampling and destination are often used.
(viii)
Control: The management control process combines statistical and accounting
methods in making the overall budget for the coming year including sales,
materials, labor and other costs and net profit and capital requirement.
2. Explain the requisites of a good statistical table. 10
Ans:- The requirements of a good statistical table are:-
A good
statistical series should have the following properties:-
(i)
The size of the table should be appropriate and balanced.
(ii)
Comparative data should be placed in adjacent boxes.
(iii)
Ratios, percentages etc. should be written close to the original data
and indications should be given on the basis of their calculations.
(iv)
Large numbers should be added.
(v)
Total of each class and subclass should be given.
(vi)
Each table should have a short, clear and self-descriptive title.
(vii)
Captions and subheadings should be subtle, clear and self-explanatory.
(viii)
There should be proper arrangement of objects in the table. There should be
sequence in the posts.
(ix)
The number of each table should be given at the top of the table.
(x)
The facts in different boxes
should be displayed using thick and thin lines.
(xi)
Comments should be given regarding estimated numbers and numbers which are not
available.
(xii)
Brief notes should be given below the table to make the data or words more
clear.
(xiii)
The unit of measurement should be written in a box on one side or above
the table.
(xiv)
Calculation operations should be indicated like (Column 1 + Column 2)
etc.
(xv)
The table should be planned according to the available space.
(xvi)
Statistics should not include excessive facts.
(xvii)
Below the table, the source from where the data has been obtained should be
given.
(xviii)
The appearance of the table should be attractive.
3. (a) Discuss the three sources of errors in Statistics.
5
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