ECO-07 ELEMENTS OF STATISTICS – Assignment Answer Compilation Below are the links to all the answers for the ECO-07 assignment: Differentiate between the primary and secondary data. Explain different methods of collecting primary data and the sources of secondary data. a) Calculate the Arithmetic Mean from the following data: 0–5 (3), 5–10 (12), 10–25 (25), […]
ECO-07 ELEMENTS OF STATISTICS – Assignment Answer Compilation Read More »
Introduction In the study of statistics, several foundational concepts form the basis for data collection, analysis, and interpretation. Short notes on key terms such as statistical survey, application of ratios, geometric mean, and variance provide a snapshot of their importance and application in various fields. a) Statistical Survey A statistical survey is a method of
Introduction Statistical data, when presented visually, becomes much easier to interpret and understand. This aids in effective decision-making, particularly in business environments where insights derived from data can determine the success or failure of strategies. This answer explains the importance of visual data presentation and highlights the key roles that statistics play in business. a)
Introduction This question focuses on two important areas of statistics: measuring skewness and understanding sampling methods. Skewness helps in understanding the symmetry of a data distribution, while convenience and judgment sampling are non-probability methods used to collect data in specific contexts. a) Compute Karl Pearson’s Coefficient of Skewness Given: Arithmetic Mean (x̄) = 40.11 Standard
Introduction Statistical tools like the Arithmetic Mean and graphical tools like histograms and frequency polygons help in summarizing and visualizing data. They provide insights into the central tendency and distribution of a dataset. In this answer, we calculate the arithmetic mean from grouped data and construct the histogram and frequency polygon for a different frequency
Introduction In statistics, data collection is a fundamental step for any kind of research or analysis. Data is primarily divided into two types: primary data and secondary data. Understanding the difference between these two types and how they are collected is essential for accurate and reliable statistical analysis. Difference Between Primary and Secondary Data Basis
Disabled !
