Question.2. Answer the following questions in about 30 words:

(i) Differentiate between data and information.
Answer. Numbers that reflect measurements from the actual world are referred to as data. A single measurement is referred to as a datum. As a result, numerical information is referred to as data. Information is defined as a meaningful response to a question or a meaningful stimulus that might trigger other inquiries.

(ii) What do you mean by data processing?
Answer. The process of organising, displaying, analysing, and interpreting data is known as data processing. After the data has been obtained, it must be organised, presented, and analysed in order to be properly interpreted.

(iii) What is the advantage of foot note in a table?
Answer. The numbers are explained in detail in the footnote. For example, if we use the abbreviations M and F to represent male and female, this may be clarified with a footnote. We also provide the source of data in the footnote by using a star mark.

(iv) What do you mean by primary sources of data?
Answer. Primary data is information obtained directly from people or groups of persons by the investigator for the purpose of the current study via direct personal investigation, indirect personal investigation, postal interview technique, telephonic interview method, and other methods. It’s also known as firsthand or raw data. When compared to secondary data, it is far more dependable.

(v) Enumerate five sources of secondary data.
Answer. 1. Published Printed Sources

(i) Books
(ii) Journals/periodicals
(iii) Magazines/newspapers

2. Published Electronic Sources

(i) E-journals
(ii) General websites
(iii) Weblogs

3. Unpublished personal records
4. Government records
5. Central Statistical Office (CSO) and National Sample Survey Office (NSSO)

Question.3. Answer the following questions in about 125 words:

(i) Discuss the national and international agencies where from secondary data may be collected.
Answer. The following are national and international organisations where secondary data can be obtained:

1. Government Publications: One of the most significant secondary information sources is the publications of the Government of India’s. Many ministries and departments, state governments, and district bulletins. The Office of the Registrar General of India publishes the Census of India, as well as reports from the National Sample Survey, and Weather Reports from the Indian Meteorological Department.
2. Semi/quasi-government Publications: This category includes the publications and reports of numerous cities and towns’ Urban Development Authorities and Municipal Corporations and Zila Parishads (District Councils).
3. International publications: Yearbooks, reports, and monographs published by UN agencies such as the United Nations Educational, Scientific and Cultural Organisation (UNESCO), the United Nations Development Programme (UNDP), the World Health Organisation (WHO), and the Food and Agricultural Organisation (FAO) are examples of international publications.
4. Newspapers and Publications: Daily newspapers, as well as weekly, fortnightly, and monthly magazines, are readily available secondary data sources. In recent years, electronic media, particularly the internet, has developed as a key source of secondary data.

(ii) What is the importance of an index number? Taking an example examine the process of calculating an index number and show the changes.
Answer. Index numbers are statistical tools for determining the relative change in the level of a variable or collection of variables through time, space, and other factors. In other words, these are the numbers that express the value of a variable at any given time, referred to as the “current period,” as a percentage of the value of that variable at a previous time, referred to as the “base period.”

Index numbers are vital instruments of economics and business analysis. The following are the most common applications for index numbers. Economic barometers are based on index numbers. The use of index numbers can aid in the formulation of appropriate economic policies and planning. They’re utilised to research trends and patterns. Business people must be aware of market trends in order to make decisions about wage rates, product prices, and raw material prices, among other things. As a result, index numbers are extremely beneficial to them. They give information about international trade. They can be used to predict future economic activity. The cost of living index assesses whether real earnings increase, decrease, or stay the same. It’s used to deflate balloons.

Assume that rice sold for 9/kg at BBSR in 2005, compared to 4.50/kg in 1985.
As a result, the rice price index number in 2005 vs 1985 is computed as

\frac{9.00}{4.50} \times 100
= 200

This shows that the price of rice in 2005 is a net increase of 100% when compared to 1985.
(The index number for the base year is always 100.)