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The important functions of Statistics are:

1. Presentation of data or facts

2. Simplification of facts

3. Comparison of related facts

4. It helps in correlating the data

5. Statistics helps in forecasting the future behaviour

The functions of statistics are: 

1. Presentation of facts in figures:

Statistics presents the various facts and figures, in such a manner so that various complicated facts become easy, brief and concrete and they may be understood easily.

2. Establishment of relationship:

With the help of statistical methods (correction) relationship between two or more facts may be established.

3. Comparison: 

Two or more effects may be compared with the help of statistics. Various averages, rates, percentages, and co-efficients are used for this purpose.

4. Interpretation of problems

With the help of statistical devices, interpretation of various problems may be done.

5. Formation of laws and principles of other sciences:

Statistics helps to other social and natural sciences in forming the laws and with its help the various rules and principles of those sciences may be tested.

6. Helpful in deciding the policy:

With the help of statistics various policy decisions may be taken logically and successfully.

The following are the limitations of statistics:

1. It does not study the qualitative aspect of a problem.

2. It does not study the individuals:

It is study of a mass data and deals with aggregates of facts.

3. Statistical laws are true only on an average:

They are not universally applicable like the laws of chemistry, physics, and mathematics. They are true on an average because the results are affected by a large number of causes.

4. Statistics can be manipulated:

The results obtained can be manipulated according to one’s own interest and such manipulated results can mislead the community.

5. Statistical results lack mathematical accuracy:

The results drawn from statistical analysis are normally approximates. As the statistical analysis is based on observation of mass data, number of inaccuracies may be present and it is difficult to rectify them.

In Singular Sense ‘Statistics is a science which concerns itself with the collection, presentation, analysis, and interpretation of numerical data.

Aryabhata wrote on science and mathematics like Surya siddhanta and Aryabhatiyam.

The universities of Nalanda, Taxila, Ujjain, Prayag, Vikramashila, Kashi and Kanchi were the educational centres of ancient India.

Statistics is widely used in modem times. Now-a-days statistics is useful to bankers, workers, labourers, workers, trade associations, insurance companies, auditor, social workers, chamber of commerce, politics etc.,

Uses of Statistics:

1. Useful to Politicians:

The politicians and their supporters are immensely interested in knowing their prospects of winning election. It helps them to know the percentage of vote may candidate will receive in the election can be worked out.

2. Useful to insurance companies:

Statistics is also very useful to insurance companies. Insurance companies premium rates are determined with help of mortality tables which are based on mortality experience statistics.

3. Useful to economics :

Statistics serves as a raw materials to the economists in making certain economic laws.

4. Useful of finance minister:

The finance minister is responsible for preparing the annual budget of the country. For preparation of better annual budget plan there will be high necessity of statistics.

5. Bankers:

Statistics is very much useful for bankers and banking industry. Every bank has a statistical department. This department helps the bank to make its own policy.

6. Useful to Business man:

It is necessary for an efficient businessman to have the full knowledge of the factors which influence his business decisions. He must know the probable demand in future and we must calculate the cost of production. All this can be done with the help of statistics and statistical methods.

‘Wealth of Nations’ is the book written by Adam Smith, which was published in 1776.

According to Lionel Robbins ‘Ends’ refer to human wants and ‘Means’ refer to resources.

‘Adam Smith’ is called as the ‘father of Economics’.

In Economics, distribution refers to the rewards paid to the four factors of production (Land, Labour, Capital and Organisation). It includes rent, wages, interest, and profit.

Sir Ronald A Fisher is called as father of modem statistics.

The act of using goods and services of satisfy our wants is called consumption.

Literary (written records) sources can be classified into two types. They are i) Indigenous (native) literary sources, ii) Foreign accounts or Foreign literary sources.

UNO has recognized more than 30 historical heritage sites in India. Some famous ones are the Hill forts of Rajasthan, Khajuraho, Konark, Tajmahal, Jantar-Mantar, Gaya, Sanchi, Ajanta, Ellora, Hampi, Aihole, Pattadakallu, Madurai, Kanchi, Mahabalipuram, Churches of Goa etc.,