Use of Statistical Tools
Class 11 Economics · Statistics for Economics · Chapter 8
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Physics
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Chemistry
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Chemistry
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Accountancy
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Accountancy
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Business Studies
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History
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Geography
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Geography
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Geography
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Political Science
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Political Science
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Sociology
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Sociology
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Psychology
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English Core · Hornbill
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हिंदी (आधार)
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हिंदी (ऐच्छिक)
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اردو (کور)
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اردو (اختیاری)
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Urdu Elective
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Computer Science
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Home Science
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Fine Art · Painting
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Biotechnology
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Knowledge Traditions
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सृजनात्मक लेखन और अनुवाद
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Health and Physical Education
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हिंदुस्तानी संगीत (गायन / वादन)
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हिंदुस्तानी संगीत (गायन / वादन)
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हिंदुस्तानी संगीत (तबला / पखावज)
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Summary
This chapter shows how the statistical tools learnt earlier are applied to a real economic problem by developing a project. A project moves through clear steps: identifying a problem or area of study, choosing a suitable target group, collecting data, organising and presenting the data, analysing and interpreting it, drawing a conclusion, and listing a bibliography. The target group must match the study — a car project targets middle and higher-income groups, while a soap or drinking-water project covers all consumers. Data may be primary, collected through a questionnaire or interview schedule by personal interview, post, phone or email (a postal survey needs a covering letter stating its purpose), or secondary, used when time, money and manpower are short. The collected data are organised through tabulation and shown with bar diagrams, pie diagrams and histograms. Analysis applies measures of central tendency such as the mean, measures of dispersion such as the standard deviation, and correlation to find averages, variability and relationships among variables. The chapter works through a sample project on a toothpaste factory: a fifteen-item questionnaire surveys 100 households, and the mean and standard deviation of monthly family income and toothpaste expenditure are computed by the step-deviation method. The conclusion draws meaningful inferences — about who uses the product, their income and family size, preferred brands and the most effective advertising medium — and may predict future prospects, while the bibliography lists the secondary sources used.
Use of Statistical Tools
Key terms
Project
An organised study that applies statistical tools to analyse a real economic problem from start to conclusion.
Target group
The specific population suited to a study, such as middle-income households for a car survey.
Questionnaire
A set of questions, self-administered or enumerator-administered, used to collect primary data in a survey.
Tabulation
The arrangement of collected data into rows and columns to organise it for analysis.
Step-deviation method
A short-cut method of computing the mean and standard deviation using deviations divided by a common class width.
Bibliography
The list of secondary sources such as books, magazines and reports used in a project.
Extra questions & answers
Try one from this chapter
The first step in making a statistical project is: