The SSC online notified the syllabus for statistics i.e. paper III. The candidates should clear the concept in detail and practice questions through SSC online tests regularly to boost their score in the examination.
Analysis of variance
- It is an analytical statistical tool that distributes variation in a data set into two factors such as systematic factors and random factors.
- This test has its application in regression analysis.
- It is also known as Fisher’s ANOVA as it was developed by statistician Ronald Fisher.
- It works on the mean value concept and is used to compare different sample data.
Types of Analysis of Variance (ANOVA):
- Unidirectional (one way) Method: It is used to compare the mean value of different groups
Example: We want to study the effect of different morning drinks on an individual’s health and
form three groups to study the variation like lemon juice, tea, and coffee.
2. Two ways Method: In two ways ANOVA method analyzes the impact of two independent
variables over a dependent variable is studied.
Example: we want to study the relation between fat intake and age for blood pressure reading.
Here fat intake and age are the independent variables and we can calculate the effect of both the
values in terms of blood pressure reading effect.
Time Series Analysis
- It is a method for analyzing time-series data to find meaningful information at a regular time.
- Time series is a sequence defined at successive equally spaced points in time-space.
- It is a sequential discrete-time data.
- Time series are represented through line charts.
- Application: Statistics, weather forecasting (height of ocean tides), earthquake prediction, pattern recognition, etc.
Example: The record of pollution in the morning every day in a year.
- Time-domain Method
- Frequency domain method
Identifying patterns of time series data is very important and there may be two types of pattern:
- Random Noise
- Systematic pattern
This analysis is based on an assumption. There are two basic goals of Time Series Analysis and theses are as follows:
- Identifying the nature of the event by the sequence of observed data set.
- Prediction of future values of variables on the basis of time-series data.
- It is a statistical technique to measure the change of economic variables over a while.
- It is used in economics to measure trends in areas like export, import, stock market, etc.
Types of Index Number:
- Simple Index Number
- Composite Index Number
- Price Index Number: There are two types of price index number available: Wholesale and Retail
- Quantity Index Number
- Industrial Index Number
- Wage Index Number
- Cost of Living Index Number
Methods of constructing Index Number:
- Aggregative Method:
- Relative Method
There are two commodities A and B.
Price of Commodity A in base year=15
Price of commodity B in base year=30
Price of commodity A in current year= 20
Price of commodity B in current year= 35
Price Index= price in the current yearprice in the base year*100
All The Best To All The SSC 2020 Aspirants !