Definitions [1]
Definitions: Index Numbers
- Spiegel: “An index number is a statistical measure designed to show changes in a variable or a group of related variables with reference to time, geographical location and other characteristics such as income, profession etc.”
- Croxton and Cowden: “Index Numbers are devices for measuring differences in the magnitude of a group of related variables.”
Formulae [1]
Formula: Mean
\[ \begin{array}{c} \text{The mean of statistical data} = \dfrac{\text{The sum of all scores}}{\text{Total no. of scores}} = \dfrac{\sum\limits_{i = 1}^{N} x_{i}}{N} \end{array} \]
(Here \[ x_{i} \] is the \[ i^{th} \] score)
Mean is denoted by \[ \overline{X} \] and it represents the average of the given data.
\[ \overline{X} = \frac{\sum\limits_{i = 1}^{N} x_{i}}{N} \]
Key Points
Key points: Concepts of Statistics
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Statistics deals with collecting, organising, analysing, and interpreting data.
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Central tendency gives a single representative value for a data set.
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Mean is the arithmetic average.
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Median is the middle value of ordered data.
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Mode is the most frequently occurring value.
Concepts [15]
- Index Numbers
- Test of Adequacy of Index Numbers
- Population and Sample
- Differentiate Between Population and Sample
- Representative Sample from a Population
- Parameter
- Concepts of Statistics
- Relation Between Parameter and Statistic
- Limitations of Statistics to Generalize the Estimation for Population
- Statistical Significance and Statistical Inferences
- Central Limit Theorem
- Relation Between Population, Sampling Distribution, and Sample
- Time Series Analysis
- Components of a Time Series
- Time Series Analysis for Uni-variate Data
