Elementary Statistics (1+1)

1.2.7 Formulation of policies

Statistics provide the basic material for framing sutiable policies. For example, it may be necessary to decide how much oil a nation should import in the next year, the decision would depend upon the expected internal production and the likely demand for oil in the next year. In the absence of information regarding the estimated domestic output and demand for oil the decision on imports cannot be made with reasonable accuracy.