Demerits

Range is the easiest to understand of all the measures of dispersion. The difference between the largest and smallest item in a distribution is called range. It can be written as:Range (R) = Largest item (L) – Smallest item (S)For example, If the marks of 5 students of class Xth are 10, 5, 8, 4, 7. After arranging the marks in ascending (or descending) order, the difference between the highest and lowest scores will be the range of marks. Therefore, the range in this case will be 10 – 4 = 6.The range which is expressed in…

Foreign Exchange refers to the currencies of countries other than the domestic currency of a given country. In simple terms, it is the aggregation of the Foreign currencies held by the country’s government, and Securities and bonds issued by foreign companies and governments. The rate at which one currency is exchanged for another is called the Foreign Exchange Rate or Foreign Rate of Exchange. It is the price paid in domestic currency for buying a unit in foreign currency. For example, if 60 rupees are to be paid to get…

What is Wholesale Price Index(WPI)?The two most practical and widely used metrics used to assess market inflation in a country are the Wholesale Price Index and the Consumer Price Index. The WPI concentrates on the wholesale level, whereas the CPI concept concentrates on the retail level.The Wholesale Price Index is an indicator that tracks changes in wholesale product prices. This index measures changes in the average price of commodities traded in bulk. Unlike the retail price at which individual customers purchase…

The methods of measuring dispersion such as quartile deviation, range, mean deviation, etc., are not universally adopted as they do not provide much accuracy. Range does not provide required satisfaction as in the entire group, range’s magnitude is determined by most extreme cases. Quartile Deviation does not have algebraic properties and it is also difficult to interpret it. However, Mean Deviation ignores the deviation’s algebraic signs making it unsatisfactory. All these issues increased the need for a measure of…

What is Indirect Oral Investigation?Indirect Oral Investigation is a method of collecting primary data through which the investigator approaches third parties who are in the possession of required information about the subject of enquiry. It is used when the area of investigation is large or the respondents feel reluctant in parting information with the investigator due to some reasons. Under this method, the investigator prepares a small list of questions related to the investigation, and then asks questions from…

Data is the collection of measurements and facts and a tool that helps an individual or a group of individuals reach a sound conclusion by providing them with some information. It helps the analyst understand, analyze, and interpret different socio-economic problems like unemployment, poverty, inflation, etc. Besides understanding the issues, it also helps in determining the reasons behind the problem to find possible solutions for them. Data not only includes theoretical information but some numerical facts too that can…

What is Direct Personal Investigation?Direct Personal Investigation or Personal Interview is a method of collecting primary data through which the investigator contacts the informant directly to collect data by conducting on-the-spot enquiry. He/she goes to the field personally, contacts the respondents, and convinces them to give the information required for the investigation. This method provides the interviewer or investigator with an opportunity to explain the study and answer the queries of the respondents. The…