FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS I 4.3(iii) Publications by Research Institutions, Universities,
(iv) Economic and Commercial Journals.
(v) Publications of Trade Associations, Chambers of Commerce, etc.
(vi) Market reports, individual research works of Statisticians.
Secondary data are also available from unpublished records of government offices, chambers of commerce,
labour bureaus, etc.
4.1.3.2.1. Editing and Scrutiny :
Secondary data should be used only after careful enquiry and with due criticism. It is advisable not to take
them at their face value. Scrutiny is essential because the data might be inaccurate, unsuitable and
inadequate. According to Bowley, “It is never safe to take published statistics at their face value without
knowing their meanings and limitations ....”
4.1.3.2.2. Universe or Population :
Statistics is taken in relation to a large data. Single and unconnected data is not statistics. In the field of any
statistical enquiry there may be persons, items or any other similar units. The aggregate of all such similar
units under consideration is called Universe or Population.
That is, for collecting the data regarding height, weight or age of the male candidates who appeared in
the last H.S. Examination, the aggregate of such candidates is universe. Universe may be aggregate of
items or any other similar things other than persons. The books in your college library or produced goods in
a factory may be taken as Universe.
Population may be finite or infinite according to finite or infinite number of members. In the field of enquiry
if the number of units is finite, then Population or Universe is finite. For Example, first class cricket or football
players in India is finite. But the temperature in any day at Calcutta is infinite, although temperature lies
between two finite limits. Within these two finite limits it takes up an infinity of values.
4.1.3.2.3. Sample :
If a part is selected out of the Universe then the selected part (or portion) is sample. It means sample is a
part of the Universe.
So, suppose the screws or bulbs produced in a factory are to be tested. The aggregate of all such items is
universe but it is not possible to test every item. So in such case, a part of the whole i.e., universe is taken
and then tested. Now this part is known as sample.
Note. While collecting primary data (discussed before) it should be decided at first whether the purpose will
be solved if collection is made from universe or sample.
4.1.4. Clasification and Tabulation
4.1.4.1. Classification :
It is the process of arranging data into different classes or group according to resemblance and similarities.
An ideal classification should be unambiguous, stable and flexible.
Type of Classification :
There are two types of classification depending upon the nature of data.
(i) Classification according to attribute – if the data is of a descriptive nature having several qualifications
i.e. males, female, illiterate, etc.
(ii) Classification according to class-interval if the data are expressed in numerical quantities i.e... ages of
person vary and so do their heights and weights.