Mark as TRUE or FALSE, the following statement; Statistics application may not be limited to Economics, Engineering, sports and Business

Statistics is a familiar word. It has two different meanings, in the plural sense the word implies a set of numerical figures usually obtained by measurement or counting. These are known as data and in a singular sense statistics refers to the subject of scientific activity which deals with theories and methods of collection, analysis and interpretation of data.

The word statistics is used in two different senses. Firstly, it refers to a collection of numerical figures or data obtained from the fields of human activity. Secondly, it is used in analysing and interpreting the collected data's. Statistics is not a separate branch of science but a scientific methid of tool which is applied in handling numerical data in all branches of science, commerce, trade or humanities where measurement or counting is possible. Heaps of inconsistent data resulting from complex combination of many known or unknown factors are analysed by applying statistical tools and techniques in order to find out the underlying pattern of variation.

Various statistical measures of 'average', 'dispersion', 'skewness', 'correlation' etc. are generally useful for bringing out the main characteristics of available records. Their calculation enables comparision between time period or geographical areas.

'Time series' analysis helps in isolating the components of variation noticed in the chronological records os sales, profits, ptices, etc, which can be used for future planning and forecast..

'Regression' analysis enables establishment of relationship between various economic factors, for example input and output, production and sales, demand and income. Regression equation of a dependent variable upon several independent variables helps in assessing the impact of each of the several factors and maybe used for forcasting. Use of regression analysis is not limited to any field and can be used anywhere where a statistical relationship between two variables can be proven significant or insignificant. It can be used in any kind of research work where heaps of amount of datas are involed.

Various sampling methods, 'random sampling', 'statified sampling', etc, are available for conducting market surveys with the least amount of time, labour and money. This maybe also used in test audits for checking accuracy of records. 'Sampling inspection' is used for decission to accept or reject lots of manufactured products.

'Vital statistics' and 'demography' are used for the calculation of mortality rates in a community classified by age, sex, proffesion, etc.

Hence, we can say the statement statistics application may not be limited to economics, engineering, sports and business is absolutely TRUE. Use of statistical application can never be limited to any field.