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Deciding how much money to spend on data, as opposed to other priorities, is an economic and a political decision. Planning is a mechanism for the allocation of resources between and within organizations contrasted with the market mechanism. A set of indicators has been developed to measure progress towards the MDGs and targets and, in turn, the indicators rely on information from robust and reliable national statistical systems. With strict adherence to integrity and objectivity, BOS is committed to providing high-quality statistical services meeting International and domestic requirements. Statistics is the most important tool in economic planning. Thus, many of the alleged market failures may have in fact been government failures. And good statistics are essential to manage the effective delivery of basic services. Also, this is an essential ingredient for formulation of sound economic development policies, by which the decision making and development plans of the government becomes concentric. A. Economic development has to be supported by the whole nation, from economists, politicians, and also civilians. some sort of advance thinking becomes necessary to resolve that complexity and to prepare the economy for those changes. Role of statistics for global monitoring For example, your main supplier of a key batch of parts could have a lower cost, but more uncertainty in delivery time. Planning models can be classi–ed in several di⁄erent categories: aggregate, main sector, multi-sectoral, regional and project speci–c models (Chowdhury and Kirk- Statistics is very important in business and economics because it helps businesses make informed and accurate decision based on certain trends. Statistics is a crucial process behind how we make discoveries in science, make decisions based on data, and make predictions. These new innovations will dramatically advance the ability to monitor the impact of development programmes. Therefore, planning helps to give the right direction. These innovations will dramatically advance national statistical offices’ and the international community’s ability to monitor the impacts of development programmes, in addition to informing the way they are designed and implemented. In year 2000, heads of states agreed upon the Millennium Development Goals (MDGs) and global targets for international development, with the aim of economic well-being and social development of the nations. Further, the use of modern computers has expedited large-scale statistical computations, and has also made possible new methods that are impractical to perform manually. to extract relevant information for the purpose of decision making. Economic planning is a resource allocation system based on a computational procedure for solving a constrained maximization problem with an iterative process for obtaining its solution. Clear standards need to be developed to safeguard quality. Statistics are also deployed to monitor progress towards the internationally agreed MDGs. Innovation is not just about adopting new technologies, it is also about improving existing ones. Statistics helps in determining the existing position of per capita income, unemployment, population growth rates, housing, schooling medical facilities, etc., in a country. The SDGs will continue the fight against extreme poverty but will add the challenges of ensuring more equitable development and environmental sustainability. MDG Country Reports document the progress in individual countries and assess each country’s statistical capacity as a fundamental part of weighing whether the country is likely to meet its own MDG targets. Job creation. But to meet the Goals, comprehensive information is needed to monitor progress towards national and international targets, to inform policies and development strategies, and to spur the international community into action. Economic planning, the process by which key economic decisions are made or influenced by central governments.It contrasts with the laissez-faire approach that, in its purest form, eschews any attempt to guide the economy, relying instead on market forces to determine the speed, direction, and nature of economic evolution. In almost every endeavor of human activity, the scientific method has proven effective for solving problems and improving performance. Many countries are innovating by expanding the use and impact of data through open data platforms, encouraging citizens to use data to track the quality of their services and to monitor private and public performance. The unprecedented rate of innovation in data collection techniques and technologies, as well as the capacity to distribute data widely and freely, have expanded the horizon. Statistics and Statistics are used in economic planning for the following purposes Accurate and timely census and statistics play a vital role in policy formulation, development planning, citizen responsive budgeting, formulation of need based demand driven development interventions, National Policy and Economic Affairs State Minister Niroshan Perera said. Satellite products have the potential to be utilised in monitoring more than 23 potential SDG indicators, ranging from measuring global air quality to crop and forest cover, to disaster impacts, and water resources. The use of them by one person or agency does not detract from their use by another. The importance and availability of timely and reliable statistics on socio-economic life of a sovereign nation cannot be over-stressed. For example, if government plans to introduce a universal pension plan, statistical methods will be used to determine the forecasted cost for planned pension scheme with using population projections and inflation data. Many pockets of high poverty existed even in affluent districts, including Colombo. Welcome to the website of the Sindh Bureau of Statistics, Planning and Development Department, which aims to provide Statistics covering various social and economic aspects of Sindh. Korea Development Institute.2012. It helps the planning and production process. New methods of data collection and analysis based on new technologies may replace or reduce the cost of traditional methods, but they will require additional investments. So in any economic activity, statistics will play a very important role. They must also serve the need of the public to monitor the activities of government and the changes in public well-being. Especially when planning a project, statistical tools are indispensable. This paper discusses the importance of statistics and statisticians in national development with emphasize that government at all levels should embark on building a … Importance and Scope of Statistics: (i) Statistics in Planning:. Movement towards their attainment is deemed to lead to macroeconomic stability and increased national welfare. Without good statistics, the development progress is blind: policy makers cannot learn from their mistakes, the public cannot hold them accountable”. For instance, a number of goals have become generally accepted as the objective of economic policy and development. These days almost all the countries of the world adopt the method of planning for economic de-velopment. Effective planning on all fronts, taking into account economic, social and environmental data is critical in bolstering human capacity and furthering sustainable development objectives. The following quote from the World Bank provides a good starting point to the sub-topic: “Why do statistics matter? Importance of Human Resource Planning Human Resource Planning (HRP) helps to ensure right people at right place at right time. Statistics plays a vital role in every field of human activity. The importance of census can be seen in every country’s economic development. Economics is about allocating limited resources among unlimited ends in the most optimal manner. The Paris Declaration on Aid Effectiveness recognises the need for better statistics for more effective aid. In addition to working as DFI Fellows, these students have something else in common: their respective graduate programs all … The same can be said for figuring out the inflation rate, the per capita income, and even the national income account. Evidence-based policy has been defined as an approach which “helps people make well informed decisions about policies, programmes and projects by putting the best available evidence at the heart of policy development and implementation” (Davies, 1999). (i) Statistical data help us in comparing the rate of development of one country with the rate of development of the other country. Different evidence based policies of the government are based on statistics. These policy frameworks highlight the need for statistics to provide a strong foundation for the diagnosis of poverty – where the poor are, why they are poor and what their lives are like – as well as to monitor the effectiveness of policy implementation. Today, new data collection and monitoring technologies are rapidly becoming available. They need to be compiled correctly, following standard practices and methodology. This practice reduces the time and cost of data collection. Good statistics also improve the transparency and accountability of policy making, both of which are essential for good governance, by enabling people to judge the success of government policies and to hold their government to account for those policies. Furthermore, disaggregated data will be needed to ensure that no one is left behind. Top 12 Points Showcasing The Importance of Statistics in Our Daily Life. The development of As these potential savings emerge and the quality of statistics improves, priorities for investment in statistics may change. To be effective, statistical systems must have legitimacy backed up by legislation that provides both the safeguards of confidentiality for the providers of raw data and assurances of integrity and accessibility for users. Hence, statistics are the eyes of administration of the state. Also, good statistics help donors by informing aid allocation decisions and by monitoring the use of aid and development outcomes. Using statistics, you can plan the production according to what the customer likes and wants, and you can check the quality of the products far more efficiently with statistical methods. Discuss the role of statistics in economic planning. (iv) Statistical data are used for knowing about the progress in the techniques of production, volume of productions imports, exports, etc. The entire process of data design, collection, analysis and dissemination needs to be demonstrably of high quality and integrity. Statistical knowledge helps you use the proper methods to collect the data, employ the correct analyses, and effectively present the results. Poor quality data can mislead. ECONOMIC PLANNING 3 and this quite possibly led to inappropriate or clumsy interventions. George Nicholson is the Director of Transport and Disaster Risk Reduction and Nayaatha Taitt is the Research Assistant of Transport and Disaster Risk Reduction of the Association of Caribbean States. As the world embarks on an ambitious project to meet new SDGs, there is an urgent need to mobilise the data revolution for all people and the whole planet in order to monitor progress, hold governments accountable and foster sustainable development. Relationships between supply and demand and imports and exports are found using statistical information. For example, Econometrics is a branch of economics that applies statistical methods to the empirical study of economic theories and relationships; Business analytics is a rapidly developing business process that applies statistical methods to data sets to develop new insights and understanding of business performance and opportunities; Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries, etc. Resilience steps in here as an important component of response planning as it refers to the capacity of a country’s economy to absorb losses and recover. Economic Planning and Statistics Ministries Prime Minister's Office Ministry of Finance and Economy Ministry of Defence Ministry of Foreign Affairs Ministry of Home Affairs Ministry of Education Ministry of Primary Resources are re-storing to planning for economic development. Thus, statistics plays a vital role to attain national development goals based on the availability of timely and reliable statistical indices such as GDP, inflation rate, poverty headcount, income per capita, labour force, housing, schooling, health outcomes, etc. Economics Economic developers provide critical assistance and information to companies that … Business owners face many situations with outcomes that seem unpredictable. It highlights where resources are most needed, and provides the means to track progress and assess the impact of different policies. Statistics is the most important tool in economic planning as for planning for the future we need current status of the economy which should of quantifiable in nature. 3. The adoption of the SDGs presents a strategic opportunity to build on the momentum of the data revolution, expanding the data-input categories with new technology innovations, and demonstrating the central role of data in eradicating poverty and promoting sustainable development. By reviewing existing regional economic planning, I highlight the lack of strong linkage between economic development planners and urban planners. This includes internal systems as well as periodic audits by professional and independent third parties. to extract relevant information for the purpose of decision making. Monitoring is a continuous process that requires data which is generated to assist in establishing whether planned targets are likely to be achieved or not. They are capable of effectively and efficiently completing tasks that directly support the company’s mission and strategic goals. Statistical methods and analyses are often used to communicate research findings and give credibility to research findings and conclusions. Statistical information helps to understand the economic problems and formulation of economic policies. Statistical methods help in formulating appropriate economic policies. Economic plan is the use of national resoures. Statistics plays an important role in banking. Banks make use of statistics for a number of … Period of planning board (1953-58) Banking. The field of statistics is the science of learning from data. The DCS has created a new poverty map using Census of Population and Housing-2012 and the Household Income and Expenditure Survey-2012/13. 2. But the value of statistics depends upon their quality. Statistics is the most important tool in economic planning. This new poverty map, can inform policy makers whether previous pockets of poverty have persisted and whether new pockets have emerged, which could be used to strengthen the poverty alleviation exercise in the country. Statistics can be used for making sales projections, financial analysis of capital projects, constructing profit projections for a new product, setting up production quantities, and monitoring product quality. (ii) The importance of consumption, production, distribution etc can be known from the available statistical data. - {{hitsCtrl.values.hits}}, From left: Institute of Applied Statistics Sri Lanka (IASSL) President Dr. N.R. For example, improved civil registration and vital statistics systems may reduce the costs of producing vital statistics from surveys. How to produce? Statistics and Economics are interrelated with each other. For example, your main supplier of a key batch of parts could have a lower cost, but more uncertainty in delivery time. Statistics helps economic planning by collecting data of national resources both human and natural. Today, statistical methods are applied in most of the fields that involve decision making, for making accurate inferences from arranged data. Existing tools for improving the quality of statistical data should be used and strengthened, and data should be classified using commonly agreed criteria and quality benchmarks. Through application of various tools and techniques in statistics, the raw data becomes meaningful and generates the information for decision making purpose. The Importance of Statistics in Management Decision Making. Collecting data, processing data and turning them into information, using data and making them open for others to use and re-use all have costs. This in turn enables individuals, public and private institutions, and companies to make choices that are good for them and for the world they live in. Statistics is the collection and analysis of helpful data. (ii) The importance of consumption, production, distribution etc can be known from the available statistical … For instance, preparation of central and provincial government budgets mainly depends upon statistics because it helps in estimating the expected expenditures and revenue from different sources. Statistics are used in economic planning for the following purposes: (i) Statistical data help us in comparing the rate of development of one country with the rate of development of the other country. Economic planning - Economic planning - Economic planning in noncommunist countries: Since the end of World War II in 1945, most noncommunist developed countries have practiced some explicit form of economic plan. With economic development strategy being sensitive to the poor and at risk, strategies around risk reduction should focus on reducing economic vulnerability of marginal communities. The topic I will address today is ‘Role of Statistics for the Economic and Social Development of a Country’ and I will divide my speech into four parts: first, the ‘importance of statistics for evidence-based policy making’; second, ‘role of statistics in planning, progress monitoring and evaluation of development activities’; third, ‘role of statistics for global monitoring’; and fourth, ‘importance of developing and maintaining a reliable, up to date and easily accessible database’. All the content on this website is copyright protected and can be reproduced only by giving the due courtesy to 'ft.lk' Copyright © 2004 Wijeya Newspapers Ltd. Traditionally, the application of statistics was limited since the economic theories were based on deductive logic. Of particular interest are There are various types of macroeconomic and socio-cultural indicators or “metrics” used by economists to assess the relative economic advancement of a given region or nation. Official statistics help decision makers develop informed policies that impact millions of people. Thursday, 29 December 2016 08:22 Economic development is the development of economic wealth of countries, regions or communities for the well-being of their citizens. This information provides the evidence required to develop and monitor effective development policies. Statistics in Economics: Whenever you are going to study statistics, you would also learn statistics. For drawing a plan of their use, we need the help of Statistics. Let’s take a closer look at important advantages of population census to the country’s development and planning. Statistics can be used for making sales projections, financial analysis of capital expenditure projects, constructing profit projections for a new product, setting up production quantities, and making a sampling analysis to determine the quality of a product. ADVERTISEMENTS: Use of Statistics in Economics: Origin, Meaning and Other Details! Specialties have evolved to apply statistical theory and methods to various disciplines. The Development Finance Initiative’s Community Revitalization Fellows represent students from a variety of graduate programs: City and Regional Planning, Business, Public Administration, Information and Library Science, Applied Geography, and Public Health. In monitoring and evaluation of ongoing economic reform programmes, statistical data is vital, as it will provide the necessary information on performance indicators which serve to measure the impact of policy and programmes on the quality of life of target populations. Also, if data is to be useful and support good decision-making, they have to be ready at the time when decisions are being made or where the opportunity for influencing the outcomes is there. Quick Empirical Facts of Statistics. “Data are the lifeblood of decision-making and the raw material for accountability. Following the progress made under the MDGs, now the world’s governments are negotiating a new set of Sustainable Development Goals (SDGs) for the period 2016 to 2030. Crucial to their success will be good governance, informed by strong statistical systems that can measure and incentivise progress across all the goals. Such countries include Belgium, Canada, Finland, France, Germany, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, and the United … These and other innovations will drive new approaches for achieving the SDGs, from pinpointing specific communities and households for health initiatives to integrating real-time monitoring of natural resources into allocation schemes, and tracking government and donor investments. Because it is not easy to ascertain the quality of statistics directly, users must have confidence in the producer and in the methods and standards employed in the production of statistics. The Bangladesh SPARS translates the five core strategic goals with 37 output and 87 actions for improvement of agricultural and rural statistics synergized with the goals of National Strategy Statistical systems are empowered, resourced and independent today, to quickly adapt to the new world of data to collect, process, disseminate and use high-quality, open, disaggregated and geo-coded data, both quantitative and qualitative. Economic planning has some essential features: (a) There must be a centralised planning authority for preparing the plans and suggesting the means for their implementation. Reliable statistics describe the reality of people’s everyday lives. This is another area where statistics plays an important role. In simple terms, they are the evidence on which policies are built. All the countries of the world are developing they’re economic by organizing economic activities. High-resolution satellite imagery, mobile devices, biometric data, and crowd-sourced citizen reporting will change official data collection processes and the design of the programmes they monitor. Scope or Importance of Statistics: In ancient times, statistics was regarded as the science of statecraft and was used to collect information related to military force, population, wealth, etc. As the saying goes: Better Data, Better Lives! Period of economic coordination (1947-53)2. For whom to produce? From the United Nations view point, statistics is a pathfinder for solution as well as a veritable tool in assessing the extent or level of national development of a country in a given period. The power of statistics is recognised in their use which spans the design and implementation stages of country policy frameworks, such as Poverty Reduction Strategies. For effective economic planning, the authorities require information regarding different components of the economy. Statistical methods help not only in formulating appropriate economic policies but also in evaluating their effects. It is important for the users of research to understand statistics so that they can be informed, evaluate the credibility and usefulness of information, and make appropriate decisions. Why Statistics is Important? Importance of Statistic in the Field of Economics: Statistics are of great importance in the field of economic planning. Family planning allows people to attain their … Statistics are public goods. It also improves accuracy, simplifies collection of GIS and image data, streamlines integration with other information streams, and opens up the possibility of incorporating micro-chip based sensors into survey processes. Statistics helps economic planning by collecting data of national resources both human and natural. Importance of statistics for evidence-based policy making Importance of developing and maintaining a reliable, up to date and easily accessible database  Business Statistics involves the application of statistical tools in the area of marketing, production, finance, research and development, manpower planning etc. Without high-quality data providing the right information on the right things at the right time; designing, monitoring and evaluating effective policies becomes almost impossible.” A robust framework for quality assurance is required, particularly for official data. Why Statistics? In ancient times, it dealt with the affairs of the state, like collection of information (or data) regarding population and property or […] The modern age is termed as the ‘age of planning’ and almost all organisations in the government or business or management are resorting to planning for efficient working and for formulating policy decision. For a family, it helps determine whether a savings plan is working well enough to hope for retirement someday. Explain importance of statistics in economic planning - 6556962 Statistics uses various formulae, data and procedures that a management deals in daily life since mngmng decision is … The importance of statistics can be understood by the phrase that “statistics is a crucial part of our life.” It is not an easy subject to understand and crack by the students. -     This kind of model build-up is only possible with availability of timely and reliable statistical information. Further, timely, accurate and reliable statistics are widely used for the design and implementation stages of country policy frameworks. They must serve the need of government for efficient administration and management as well as for longer-term policy making. They help identify needs, set goals, and monitor progress. First, statisticians are guides for learning from data and navigating common problems that can lead you to incorrect conclusions. Timely, complete, accurate and reliable statistics is critical for creating and sustaining an environment which fosters strong, equitable development. 3 Social Profile of the Youth 2009-2014, Statistics South Africa. High-resolution satellite imagery, mobile devices, biometric data, and crowd-sourced citizen reporting will influence both official data collection processes and the operation of programmes -- strengthen policy planning, crisis early warning, programme operations, service delivery, impact evaluation etc. As highlighted by the Expert Advisory Group on the Data Revolution for Sustainable Development, new data collection and monitoring technologies are becoming rapidly available. Statistics offers information to answer some basic questions in economics – 1. When the structure of an economy becomes complex and subject to rapid change and transformation (due to population growth, discovery of resources, industrialisation, etc.) In the interests of balanced, sustainable socio-economic development, domains that are still insufficiently documented and require more detailed data (and statistics) have been identified. (b) Before framing the plan, the planning authority should undertake an accurate survey of the available resources (both existing and potential) and the essential needs of the country. The role of statistics in national development is very critical. Overview This report focuses on the evidence on the health, economic and other benefits of investing in family planning. (i) Statistics in Planning: Statistics is indispensable in planning—may it be in business, economics or government level. 1. Most low-income countries are developing national policy frameworks such as poverty reduction strategies as part of their policy processes to reduce poverty. Statistics produced and financed by governments have a dual role. p22 DPME 6 3. 3. In this post, I cover two main reasons why studying the field of statistics is crucial in modern society. It is increasingly important to have high quality statistics on the population and projections of the population, for policy development and for planning and providing public services. But in modern times, the use of statistics … The Importance of Statistics in Management Decision Making. In this post, you will find lots of … Continue Reading. The MDGs have proved to be a powerful tool for building the political will needed, and the Goals provide a focus for both government and civil society. It is impossible to The importance and availability of timely and reliable statistics on socio-economic life of a sovereign nation cannot be over-stressed. In the end, an economic growth guideline is developed which might help decision 2. Table of Contents. The National Statistics Day (NSD) is celebrated every year in India on June 29 to create public awareness about importance of statistics in socio-economic planning and policy Show More Related The topic I will address today is ‘Role of Statistics for the Economic and Social Development of a Country’ and I will divide my speech into four parts: first, the ‘importance of statistics for evidence-based policy making’; second, ‘role of statistics in planning, progress monitoring and evaluation of development activities’; third, ‘role of statistics for global monitoring’; and fourth, ‘importance of developing and maintaining … Effectiveness recognises the need of the Youth 2009-2014, statistics or more specifically statistical method is extensively! Helps determine whether a savings plan is dependent upon accurate statistical data at! To analyse big data on aid Effectiveness recognises the need of the oldest subjects in human history statistics helps planning. 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