IGNOU| ELEMENTS OF STATISTICS (ECO - 07)| SOLVED PAPER – (JUNE - 2023)| (BDP)| ENGLISH MEDIUM
BACHELOR'S DEGREE PROGRAMME
(BDP)
Term-End Examination
June - 2023
Elective Course: Commerce
ECO-07
ELEMENTS OF STATISTICS
Time: 2 Hours
Maximum Marks: 50
Weightage: 70%
Note: Answer any five questions. All questions carry
equal marks. Simple calculator is allowed.
हिंदी माध्यम: यहां क्लिक करें
1. What are the functions of Statistics? Discuss. 10
Ans:- Statistics as a discipline is considered
indispensable in almost all areas of human knowledge. There is hardly any
branch of study in which statistics is not used. Scientific, social and
economic studies use statistics in some form or the other. These disciplines
use observations, facts and figures, inquiries and experiments etc. and thus
use statistics and statistical methods. Statistics studies almost all aspects
of any investigation. Its main purpose is to simplify the complexity of
information collected in an inquiry. It presents data in simplified form to
make it understandable. It analyzes data and facilitates drawing conclusions.
The functions
of statistics are:-
(i)
Presents facts in simple form: Statistics presents facts and figures in a
definite form. This makes the statement more logical and concrete than mere
description. It condenses the entire mass of shapes into a single shape. This
makes the problem understandable.
(ii)
Reduces the complexity of data: Statistics simplifies the complexity of
data. The raw data is beyond comprehension. We make them simple and accessible
by using various statistical measures. Some of such commonly used measures are
graphs, average, dispersion, skewness, kurtosis, correlation and regression
etc. These measures help in interpretation and drawing conclusions. Therefore,
statistics enables a person to widen his scope of knowledge.
(iii)
Facilitates comparison: Comparison between different sets of observations
is an important function of statistics. Comparison is necessary to draw
conclusions. The purpose of statistics is to make comparisons between past and
present results to find out the causes of changes occurring and the impact of
such changes in the future. Therefore, comparison is necessary to determine the
efficiency of any measurement. Statistical tools like average, ratio,
coefficient etc. are used for the purpose of comparison.
(iv)
Testing of hypothesis: Formulation and testing of hypothesis is an
important task of statistics. This helps in developing new theories. So
statistics check the truth and help in inventing new ideas.
(v)
Formulation of policies: Statistics helps in formulating plans and policies
in various fields. Statistical analysis of data initiates policy making.
Therefore, statistics is essential for planners, economists, scientists and
administrators to prepare various plans and programmes.
(vi)
Forecasting The future is uncertain: Statistics helps in predicting trends
and trends. Statistical techniques are used to predict future values of a
variable. For example, a manufacturer forecasts his future production based on
current demand conditions and his past experiences. Similarly, planners can
forecast future population etc. by keeping in mind the current population
trends.
(vii) To
draw valid conclusions: The main objective of statistical methods is to
draw conclusions from an investigation. Statistical techniques are often used
by scholar planners and scientists to evaluate various projects. These
techniques are also used to draw conclusions regarding population parameters
based on sample information.
Statistics is
the study of collecting, organizing, analyzing, and presenting data. It can be
used for:-
(i) Present
facts: Statistics can present facts in a way that makes them easy to
understand.
(ii)
Establish relationships: Statistics can help in establishing relationships
between facts.
(iii)
Compare: Statistics can compare effects using averages, rates, percentages
and coefficients.
(iv) Explain
problems: Statistics can help in explaining problems.
(v) Make laws
and theories: Statistics can help in making laws and testing laws and
theories in other sciences.
(vi) Take
policy decisions: Statistics can help in taking logical policy decisions.
(vii)
Planning Investigation: Statistics can help in planning investigation in
any field of study.
(viii)
Understand the nature: Statistics can help in understanding the nature of a
phenomenon.
(ix) Analyze
historical data: Statistics can be used to analyze historical data.
Statistics can
also help:-
(i) Determine
budget allocation
(ii) Plan
infrastructure development
(iii) Helping
other businesses
Statistics was
invented in Western Europe and North America in the 19th and 20th centuries.
2. What are the advantages and disadvantages of secondary
data? 5+5
Ans:- Secondary data is data that has already been
collected for another purpose but is somewhat relevant to your current research
needs.
In other words,
it has already been collected not by you but by someone else. And now, you can
use the data.
Secondary data
is second-hand information. This has not been used for the first time. That is
why it is called secondary.
Typically,
secondary data is found in resources such as the Internet, libraries, or
reports.
Web information,
business reports, mass media products, encyclopedias, and government statistics
are among the most popular examples of secondary data.
The
advantages and disadvantages of secondary data are:-
Advantages
of Secondary Data:-
(i) Ease of
access: Access to secondary data sources is very easy. The Internet has
changed the way secondary research is conducted. Nowadays, there is a lot of
information available to you at just the click of a mouse.
(ii) Low
cost or free: Most of the secondary sources are absolutely free to use or
at very low cost. It not only saves your money but also your efforts. Compared
to primary research where you have to design and conduct the entire primary
study process from the beginning, secondary research allows you to gather data
without leaving any money on the table.
(iii) Time
Saving: As the above benefits show, you can do secondary research in no
time. Sometimes finding the source of data is a matter of a few Google
searches.
(iv) Allows
you to generate new insights from previous analysis: Reanalysis of old data
can bring unexpected new understandings and perspectives or even new relevant
findings.
(v)
Longitudinal analysis: Secondary data allows you to conduct longitudinal
analysis which means the study is conducted over a larger period. This can help
you determine various trends. Additionally, you can find secondary data ranging
from several years ago to just a few hours ago. This allows you to compare data
over time.
(vi) Anyone
can collect data: Secondary data research can be conducted by people who
are not familiar with various data collection methods. Practically, anyone can
collect it.
(vii) Large
amount of secondary data with different sources: This is the richest type
of data available to you across different sources and subjects.
Disadvantages
of Secondary Data:-
(i) May not
be specific to your needs: Secondary data is not specific to the needs of
the researcher due to the fact that it was collected in the past for some other
reason. That's why secondary data may be unreliable for your current needs.
Secondary data sources can give you large amounts of information, but quantity
does not always mean appropriateness.
(ii) You
have no control over data quality: Secondary data may lack quality. The
source of information may be questionable, especially when you gather data
through the Internet. Since you rely on secondary data to make your data-driven
decisions, you should evaluate the credibility of the information by finding
out how the information was collected and analyzed.
(iii) Bias:
Since secondary data is collected by someone other than you, usually the data
is biased in favor of the person who collected it. It may not meet your needs
as a researcher or marketer.
(iv) Not
timely: Secondary data has been collected in the past which means it may be
out of date. This issue can be important in many different situations.
(v) You are
not the owner of the information: Generally, secondary data is not
collected specifically for your company. Instead, it is available to many
companies and individuals for free or for a nominal fee. So, it's not really a
"competitive advantage" for you. Your current and potential
competitors also have access to the data.
3. (a) Explain in brief the convenience and judgement
sampling methods. 5
(b) Discuss the significance of Tabulation. 5
[COMING SOON]
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