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- Presenting facts in a definite form
- Simplifying mass of figure- condensation into few significant figures
- Facilitating comparison
- Helping in formulating and testing of hypothesis and developing new theories.
- Helping in predictions.
- Helping in formulation of suitable policies.
- Does not deal with individual measurement.
- Deals only with quantities characteristics.
- Result is true only on an average.
- It is only one of the methods of studying a problem.
- Statistics can be measured. It requires skills to use it effectively, otherwise misinterpretation is possible
- It is only a tool or means to an end and not the end itself which has to be intelligently identified using this tool.
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What are the merits and demerits of index numbers in statistics?
merits and demerits of index number
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