Statistics are learning of grouping some meaningful numbers in the form of data, their calculation, understanding their analysis and finding conclusion against some defined parameters. It is used to intervene the detail study and logically reach up to the final output of the same.
It helps in attaining the optimum result in any dissertation. As, any research based study is incomplete without sensitive analysis of data and finding a proof which represents their conclusion, statistics is the only mode which can give a satisfactory response supporting your study. Through statistical investigations of all kinds, including social, political, scientific and ecological issues can be done by studying and correlating their allied data’s. However, in due course there is some strength, weakness, opportunities and threats of statistics, so let’s go into depth about the same-
Strength – Strength of Statistical analysis lies in –
o Comparing the rising and falling trends of two different data’s graphically,
o Evaluating the factors responsible for this variation and
o Taking necessary measure to improve the result
For example – Production of wheat in Punjab in 2013 and 2014 is 2.9 million quintals and 2.1 million quintals respectively. Statistical study can help us in finding out the factors responsible for this downfall and taking the required steps to improve the same.
Weakness – There can be some data misconception, calculation problem and sampling errors while taking study into account. Some common ones are –
o Of choice of sample can be incorrect and its size can be more or less than required
o Data collection methods can be biased or flawed
Opportunities – Long term analysis and future interpretation about the case is easily feasible by the statistical records. Consequently, it grants an opportunity to take prior decisions about some critical issues like – Product demand of a company according to its past record.
Threats – Biggest threat lies in the aspect that can misguide the relation between study, its observation and final conclusion of any dissertation.
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