Arithmetic mean or mean or average is the number that is obtained by adding the values of all the items of a series and dividing it by the number of…

Diagrammatic presentation of data is the second method of presenting data this method promotes the quickest understanding of the actual situation to be explained by data in comparison to the…

Organization of data involves classifying the variable as a continuous and discreet variable.  Let’s understand this topic in detail. A quick note: Subscribe to our website to get answers to your curriculum questions.…

Statistical errors are those which are occurred during the collection of data and it is dependent on the size of the sample selected to study. These are of 2 types:…

Secondary sources are those which do not provide first-hand information but second-hand information. For the collection of secondary sources of data there are 2 main sources: Published sourcesUnpublished sources  Let’s…

In statistics, we have 2 methods for the collection of data: Primary sourcesSecondary sources  Let’s understand this topic in detail. A quick note: Subscribe to our website to get answers to your curriculum…

A central tendency refers to an average or a central value of a statistical series. Measures of central tendency refer to all those methods of statistical analysis by which averages…

Let’s understand the functions & importance of statistics in economics. But before that, you can revise the introduction to the statistics post once. Then you can read about the functions…

Statistics play an important role in economics. Statistics mean quantitative information on facts and findings. In a Singular sense, statistics may be defined as the collection, organization, presentation, analysis, and…