Statistics in Forecasting and Theory Testing

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30 Questions

What is a key advantage of statistical methods according to Bowley's statement?

They are more accurate than a casual observer's impression

What is the purpose of testing a hypothesis in statistics?

To test the validity of a statement

What type of facts are not studied in statistics?

Qualitative facts

What is the limitation of statistics according to Newsholme?

It has several limitations that cannot be overcome

What is an example of a phenomenon that can be expressed indirectly in numerical terms?

Intelligence of students

What is the main purpose of statistical methods?

To forecast for future

What is the formula to calculate the first quartile?

Q1=l1+ {(N/4 cf)*h} /f

What is the value of the first quartile (Q1) in the given data?

38.12

What is the value of the third quartile (Q3) in the given data?

45.53

Why is the cumulative frequency distribution used in calculating quartiles?

To facilitate the location of quartile values

What is the total number of workers in the industrial establishment?

1000

Based on the given data, what length of study-table would you recommend to the manufacturer?

45.53

What is the formula to calculate the arithmetic mean for discrete data?

∑(fx) / N

Why is the arithmetic mean affected by extreme values?

Because it is highly sensitive to extreme values

What is the advantage of the arithmetic mean?

It is easy to understand and calculate

What is the formula to calculate the arithmetic mean for grouped data?

∑(X*f) / N

What is the disadvantage of the arithmetic mean when dealing with open-ended intervals?

It is not defined for open-ended intervals

What is the purpose of finding the midpoint of each class in grouped data?

To treat it as the representative average value of that class

What is the primary concern of statistics in economics?

To study the relationship between two variables

What can be inferred from the relationship between low agricultural productivity and low rainfall?

One causes the other

Why can't the relationship between the arrival of migratory birds and birth rates be given a cause and effect interpretation?

Because it's a coincidental relationship

What type of relationship exists between the size of shoes and the amount of money in one's pocket?

Coincidental

Why might there be a relationship between brisk sale of ice-creams and a higher number of deaths by drowning?

Because both are affected by a third variable (temperature)

What can be a reason for observing a relationship between two variables even if there is no direct connection between them?

A third variable is affecting both

What is the relationship between the years of schooling of farmers and the annual yield per acre?

They are positively correlated

What is the value of Σxy in the given example?

42

What is the formula used to calculate the value of r?

r = ΣXY / (σx * σy)

What is the importance of farmers' education according to the given example?

It has a positive impact on the annual yield per acre

What is the value of σx in the given example?

38

Why is the value of r large in the given example?

Because the years of schooling of farmers are positively correlated with the annual yield per acre

Learn how statistical methods are used in forecasting and testing hypotheses to develop new theories. Understand the importance of statistical estimates in making accurate predictions.

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