In medical science the statistical tools for collection, presentation and analysis of observed facts relating to causes and incidence of dieses and the result of application various drugs and medicine are of great importance. In education and physiology statistics has found wide application such as, determining or to determine the reliability and validity to a test, factor analysis etc.

Although, there are so many applications of statistics in every field, it is not without limitations.

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The main Limitations of Statistics are follow:. Statistics always study a group of values instead of single observation studies the mass of phenomena and the conclusion on certain characteristics obtained. For example , the study of income of one worker of a company is statistics, but the study of incomes of 50 workers of that company form statistics.

In the other words, the monthly income of Rs. In general, statistics studies only the quantitative characters of the given problems instead of qualitative characters. The problems which cannot be studied quantitatively i.

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There are only a few results which are accurately correct in statistics and almost all are only approximately correct. In other words, a hundred percent accuracy is impossible in statistical work because statistical laws are based on average. Statistics deals with averages which are obtained from different individual items. The laws of statistics are true only on average. The best solution under all conditions of the given problem is not p by the statistical methods. The greatest limitation of statistical science is that it can be misused. The only one who has expert knowledge of statistical methods can scientifically handle statistical data.

Statistical methods, if misused by incompetent, unskilled and inexperienced persons, it may lead to false conclusions. Such phenomena cannot be a part of the study of statistics. These include health, riches, intelligence etc. It needs conversion of qualitative data into quantitative data. In this subject we use so many methods to find a single result. Variation can be found by quartile deviation, mean deviation or standard deviations and results vary in each case.

As discussed above, here the results are interpolated for which time series or regression or probability can be used.

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These are not absolutely true. If average of two sections of students in statistics is same, it does not mean that all the 50 students is section A has got same marks as in B. There may be much variation between the two. So we get average results. Statistical laws are not exact as in case of natural sciences. These laws are true only on average. They hold good under certain conditions. They cannot be universally applied. So statistics has less practical utility.

Previous What is Statistics? Definitions Meaning and Characteristics. I must say you have done a excellent job with this.

Also, the blog loads super fast for me on Firefox. The objective of a new capital expenditure project is to optimize the return on the investment and minimize the risk.

Statistical methods can allow a manager to evaluate the project under different economic environments, changing consumer preferences and strength of the competition. Companies use statistics in market research and new product development.

They take random surveys of consumers to gauge the market acceptance and potential for a proposed product. Managers want to know if there will be enough demand for the product. Is there enough demand to justify spending money to develop the product and, ultimately, to build a plant to produce it? From the statistical analysis, a break-even model is constructed to determine the volume of sales necessary for the product to succeed. While using statistics to make decisions is helpful, it has limitations.

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For example, the size of the sample used in market research is a factor. Larger samples would produce a better quality of results, but larger samples cost more money and are sensitive to the law of diminishing returns.

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This is the classic trade-off between the cost of getting more precise results against budget and time constraints. Using historical data to construct statistical models for forecasting does not take into consideration any causal changes in the marketplace. Economic environments are constantly changing and so are consumer behaviors and tastes. Managers must have an awareness of these changes and incorporate them into their decisions.

When properly used, statistical methods make the decision-making process much easier. However, the application of statistics is both an art and a science and should not be used as the sole basis for making decisions. When interpreting the results of statistical analysis, exercise judgment based on your own real-life experience and other qualitative factors that are not incorporated into the mathematical model.

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James Woodruff has been a management consultant to more than 1, small businesses.