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REGRESSION ANALYSIS: MEANING The statistical technique of estimating or predicting the unknown value of a dependent variable from the known value of an independent variable is called regression analysis. Sir Francis Galton introduced the concept of regression for the first time in 1877 where he studied the case of one thousand fathers and sons and…
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Importance of correlation is as follows: CORRELATION Correlation is a statistical technique which shows the degree and direction of relationship between the two variables. It ranges between -1 to +1. According to AM Tuttle “Correlation is the analysis of co-variation between two or more variables.” According to Croxton and Cowden “When the relationship is of…
CORRELATION NOTES PDF: Correlation, Correlation and Causation, Types of Correlation, Significance of Correlation, Methods of Correlation etc. CORRELATION Correlation is a statistical technique which shows the degree and direction of relationship between the two variables. It ranges between -1 to +1. According to AM Tuttle “Correlation is the analysis of co-variation between two or more…
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MEASURES OF DISPERSION IN STATISTICS : Dispersion, meaning and definition; Importance; Relative and absolute measures of dispersion. DISPERSION Dispersion indicates the measure of the extent to which individual items differ. It indicates lack of uniformity in the size of items. ACCORDING TO BROOK AND DICKS “Dispersion is the degree of the variation of the variable…
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DISTRUST OF STATISTICS Distrust of statistics means lack of confidence in the statistical methods and statements. As statistics suffers from various limitations, that is the reason statistics become a thing of distrust. ACCORDING TO YULE AND KENDALL “Statistical methods are most dangerous tools in the hands of an inexpert.” The following are the points that…
LIMITATIONS OF STATISTICS Undoubtedly, statistics has universal applicability, but there are also some facts which prove as limitations of statistics. ACCORDING TO NEWSHOLME “Statistics must be regarded as an instrument of research of great value but having severe limitations which are not possible to overcome and as such need our careful attention.” The limitations…
SCOPE OF STATISTICS Statistics are numerical statement of facts capable of analysis and interpretation as well as study of the methods used in collection, organization, presentation, analysis and interpretation of numerical data. It is often said that “Statisticians is what Statisticians do”. This explains the scope of statistics as very wide and extends extensively to…
FUNCTIONS OF STATISTICS Statistics are numerical statement of facts capable of analysis and interpretation as well as study of the methods used in collection, organization, presentation, analysis and interpretation of numerical data. ACCORDING TO ROBERT W BURGESS “The fundamental gospel of statistics is to push back the domain of ignorance, prejudice, rule of thumb, arbitrary…
STATISTICS IN ECONOMICS Statistics are numerical statement of facts capable of analysis and interpretation as well as study of the methods used in collection, organization, presentation, analysis and interpretation of numerical data. Statistics word has been derived from Latin word ‘Status’ Italian word ‘Statista’ German word ‘Statistik’ French word ‘Statistique’. GOTT FREID ACHENWALL is known…
MEANING Mode is a positional measure of central tendency. It is that value which occurs most frequently in any distribution. That means the items which are repeated a maximum time in the given distribution is known as mode. It is generally denoted by ‘Z’. ACCORDING TO CROXTON AND COWDEN “The mode of a distribution is…
