The theoretical development of the so-called modern statistics came during the mid-seventeenth century with the introduction of Theory of Probability and Theory of Games and Chance. The chief contributors being mathematicians and gamblers of various countries. Statistics has been defined differently by different authors from time to time. The reasons for a variety of definitions are primarily two. First in modern times the field of utility of statistics has widened considerably.
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Statistics and Economics are also inter-related to each other. Statistical tools like Index numbers, Time series analysis, demand analysis and forecasting techniques are used for efficient planning and economic development of a country.
Statistical Techniques have also been used widely by business organizations in:
(1) Marketing Decisions
(3) Personnel Administration
(4) Credit Policy
(5) Inventory Control
(6) Sales Control
Interesting Comments on Statistics:
Statistics can prove anything
An ounce of truth will produce tons of Statistics
Figures do not lie.
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