Analysis of Data
NIOS · Class 10 · Economics
Flashcards for Analysis of Data — NIOS Class 10 Economics. Quick Q&A cards covering key concepts, definitions, and formulas.
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What is statistics in economics?
Answer
Statistics is the science of collection, classification and tabulation of numerical facts which helps in explanation, description and comparison of phenomena.
What is analysis of data?
Answer
Analysis of data is a technique through which significant facts from numerical data are extracted. It helps in understanding the meaning hidden in raw numbers.
What is central tendency?
Answer
Central tendency refers to the tendency of data to cluster towards a central location or value. It gives one representative value for a group of data.
Why is an average computed for a set of data?
Answer
The purpose of computing an average value for a set of data is to obtain a single value which is representative of all the items and which the mind can grasp simply and quickly.
What are the main functions of averages?
Answer
The functions of averages are: converting collected raw data into brief form, facilitating comparison between groups, presenting a representative value, and facilitating future policy and programme.
Define arithmetic mean.
Answer
Arithmetic mean is a measure of central tendency obtained by dividing the sum of items by the number of items. It is the mathematical average.
What is the basic formula of arithmetic mean?
Answer
Arithmetic Mean (basic): x̄ = (Σx)/(N), where x = item, Σx = sum of the item, N = number of items, and x̄ = arithmetic mean.
How is arithmetic mean found for an individual series by shortcut method?
Answer
Arithmetic Mean - Shortcut method (Individual series): x̄ = A + (Σdx)/(N), where A = assumed mean, dx = deviation of x from assumed mean (x - A), and N = number of items.
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