Use of Statistical Tools

Steps Towards Making a Plan

You must have heard of the famous saying, if you fail to plan, you are planning to fail. This saying is applicable in all walks of life. In economics, the study of statistics helps us in making our project plan. Whether for government agendas and schemes or for an organization. Statistics play a vital role in understanding how to take your projects forward.

You will often see specialized agencies working with statistical tools to give an organization an understanding of how they should plan their projects. They prepare a report which helps in analysis of relevant data and giving suggestion on how to improve the project in future. Applying statistical tools is necessary for the development of projects on various issues. It provides a summarized idea of the aim with which we undertook the project.

Suggested Videos

Play
Play
Play
previous arrow
next arrow
previous arrownext arrow
Slider

 

Steps in Making a Project Plan

Project Plan

There are some specified steps involved in making a project plan. These steps are enumerated hereunder:

Identifying a Problem or an Area of Study

Before we can look for a solution, we first need to identify the area in which the problem persists. It is important that we have a clarity on what we want to study about. This will become your basis for having an objective and accordingly collecting relevant data for it. For instance, you may like to study the consumer behaviour regarding a certain product or a certain type of product.

Choice of a Target Group

One of the key ways of collecting data is by asking appropriate questions to appropriate group of individuals. Thus, it is important that you select a target group of people who will be asked the questions. For instance, if you are studying consumer behaviour in terms of a car, you will be targeting the urban middle class to upper middle class.

Collection of Data

Once you have finalized the objective of the survey, you can then start collecting data. Depending on the nature of survey you will determine whether to use primary source or the secondary source of data collection.

Organization and Presentation of Data

Once you have gathered all the data, the next step is to accumulate and organize it in a presentable manner. This is normally done with the help of tables, diagrams and graphs.

Analysis and Interpretation

After the arrangement of data comes the analysis of said data. With help of the charts and diagrams, we analyze what the data reveals by tools like measures of central tendency and measures of dispersion.

Conclusion

This is the final step and the crux of the entire process. Here you will draw a coherent conclusion based on the analysis of the collected data and simultaneously come up with a plan for the way ahead.

Solved Question for You

Question: Explain the two ways for the collection of data.

Answer: Data can be collected either by the primary source or the secondary source:

  • The primary source consists of questionnaires, personal interviews and postal surveys.
  • Secondary sources consist of already available records and data such as published or unpublished records. Data from any organization, books and journals etc.
Share with friends

Customize your course in 30 seconds

Which class are you in?
5th
6th
7th
8th
9th
10th
11th
12th
Get ready for all-new Live Classes!
Now learn Live with India's best teachers. Join courses with the best schedule and enjoy fun and interactive classes.
tutor
tutor
Ashhar Firdausi
IIT Roorkee
Biology
tutor
tutor
Dr. Nazma Shaik
VTU
Chemistry
tutor
tutor
Gaurav Tiwari
APJAKTU
Physics
Get Started

Browse

Use of Statistical Tools
  • Steps Towards Making a Plan

Leave a Reply

Your email address will not be published. Required fields are marked *

Browse

Use of Statistical Tools
  • Steps Towards Making a Plan

Download the App

Watch lectures, practise questions and take tests on the go.

Customize your course in 30 seconds

No thanks.