importance of statistics in economic planning

Statistics producers, who are increasingly aware of socio-economic issues, now tend to include such data in their work. Banking. Samaratunghe, IASSL Secretary D.A.B.N. All the countries of the world are developing they’re economic by organizing economic activities. This new poverty map, can inform policy makers whether previous pockets of poverty have persisted and whether new pockets have emerged, which could be used to strengthen the poverty alleviation exercise in the country. The following quote from the World Bank provides a good starting point to the sub-topic: “Why do statistics matter? Statistics is the collection and analysis of helpful data. In the long run, new technologies for data collection and analysis may yield lower costs, but in the near term they are likely to require new investments. Statistics produced and financed by governments have a dual role. Statistics is very important when it comes to the conclusion of research. For drawing a plan of their use, we need the help of Statistics. Statistics helps in determining the existing position of per capita income, unemployment, population growth rates, housing, schooling medical facilities, etc., in a country. The SDGs will continue the fight against extreme poverty but will add the challenges of ensuring more equitable development and environmental sustainability. Statistics are used in economic planning for the following purposes: (i) Statistical data help us in comparing the rate of development of one country with the rate of development of the other country. Statistics and Economics are interrelated with each other. Statistics-SPARS that was approved by Ministry of Planning on 27-07-2017. In ancient times, it dealt with the affairs of the state, like collection of information (or data) regarding population and property or wealth of the state so as to sub-serve political purposes of rulers. Especially when planning a project, statistical tools are indispensable. As highlighted by the Expert Advisory Group on the Data Revolution for Sustainable Development, new data collection and monitoring technologies are becoming rapidly available. In almost every endeavor of human activity, the scientific method has proven effective for solving problems and improving performance. There are a variety of indicators that economists use to measure the level of economic development in a country – declining poverty rates, increasing literacy rates, declining infant morbidity, increasing life expectancy, and so on. As the world embarks on an ambitious project to meet new SDGs, there is an urgent need to mobilise the data revolution for all people and the whole planet in order to monitor progress, hold governments accountable and foster sustainable development. The Paris Declaration on Aid Effectiveness recognises the need for better statistics for more effective aid. Statistics is the most important tool in economic planning. Statistics helps economic planning by collecting data of national resources both human and natural. By reviewing existing regional economic planning, I highlight the lack of strong linkage between economic development planners and urban planners. For example, if government plans to introduce a universal pension plan, statistical methods will be used to determine the forecasted cost for planned pension scheme with using population projections and inflation data. The Bangladesh SPARS translates the five core strategic goals with 37 output and 87 actions for improvement of agricultural and rural statistics synergized with the goals of National Strategy Statistics play a major role in this field and they feed into each since both are largely … Most low-income countries are developing national policy frameworks such as poverty reduction strategies as part of their policy processes to reduce poverty. For drawing a plan of their use, we need the help of Statistics. Statistics is very important in business and economics because it helps businesses make informed and accurate decision based on certain trends. This kind of model build-up is only possible with availability of timely and reliable statistical information. Why Statistics? Statistics is a mathematical science involving the collection, analysis, and interpretation of data, as well as the effective communication and presentation of results relying on data. To be effective, statistical systems must have legitimacy backed up by legislation that provides both the safeguards of confidentiality for the providers of raw data and assurances of integrity and accessibility for users. Many countries are innovating by expanding the use and impact of data through open data platforms, encouraging citizens to use data to track the quality of their services and to monitor private and public performance. to extract relevant information for the purpose of decision making. (v) Planning involves fixation of targets and priorities. Economic planning is often regarded as technique of managing an economy. Official statistics help decision makers develop informed policies that impact millions of people. The topic I will address today is ‘Role of Statistics for the Economic and Social Development of a Country’ and I will divide my speech into four parts: first, the ‘importance of statistics for evidence-based policy making’; second, ‘role of statistics in planning, progress monitoring and evaluation of development activities’; third, ‘role of statistics for global monitoring’; and fourth, ‘importance of developing and maintaining a reliable, up to date and easily accessible database’. Statistics is a crucial process behind how we make discoveries in science, make decisions based on data, and make predictions. From the United Nations view point, statistics is a pathfinder for solution as well as a veritable tool in assessing the extent or level of national development of a country in a given period. In spite of the upfront costs of software, hardware, and training, such innovations have huge potential to lower SDG monitoring costs over time. Statistics plays an important role in banking. George Nicholson is the Director of Transport and Disaster Risk Reduction and Nayaatha Taitt is the Research Assistant of Transport and Disaster Risk Reduction of the Association of Caribbean States. Statistics in Economics: Whenever you are going to study statistics, you would also learn statistics. Statistics can be used for making sales projections, financial analysis of capital expenditure projects, constructing profit projections for a new product, setting up production quantities, and making a sampling analysis to determine the quality of a product. (b) Before framing the plan, the planning authority should undertake an accurate survey of the available resources (both existing and potential) and the essential needs of the country. Thus, many of the alleged market failures may have in fact been government failures. In the end, an economic growth guideline is developed which might help decision Evidence-based policy has been defined as an approach which “helps people make well informed decisions about policies, programmes and projects by putting the best available evidence at the heart of policy development and implementation” (Davies, 1999). Definition of Statistics. High-resolution satellite imagery, mobile devices, biometric data, and crowd-sourced citizen reporting will influence both official data collection processes and the operation of programmes -- strengthen policy planning, crisis early warning, programme operations, service delivery, impact evaluation etc. Today, new data collection and monitoring technologies are rapidly becoming available. Further, timely, accurate and reliable statistics are widely used for the design and implementation stages of country policy frameworks. What to produce? Economic planning is a resource allocation system based on a computational procedure for solving a constrained maximization problem with an iterative process for obtaining its solution. The World Bank’s “World Development Indicators” are compiled annually from officially-recognised international sources and include national, regional and global estimates. For instance, as part of a long-term commitment to reduce poverty in Sri Lanka, in 2005, the World Bank collaborated with the Department of Census and Statistics (DCS) to conduct the country’s first official poverty mapping exercise to measure poverty incidence at the Divisional Secretariat level. (i) Statistical data help us in comparing the rate of development of one country with the rate of development of the other country. Statistical systems are empowered, resourced and independent today, to quickly adapt to the new world of data to collect, process, disseminate and use high-quality, open, disaggregated and geo-coded data, both quantitative and qualitative. One of the most important applications of this map was to inform policy makers during the reform of the Samurdhi transfer programme in 2005, when the Ministry of Samurdhi used the map to identify the poorest 119 DS divisions in the country. Reliable statistics describe the reality of people’s everyday lives. Korea Development Institute.2012. Statistical information helps to understand the economic problems and formulation of economic policies. Meaning of Statistics. Many surveys are now being conducted on digital mobile platforms. Movement towards their attainment is deemed to lead to macroeconomic stability and increased national welfare. Statistics is the most important tool in economic planning. This allows them to plan for the future efficiently. Statistics is indispensable in planning—may it be in business, economics or government... (ii) Statistics in Mathematics:. They need to be compiled correctly, following standard practices and methodology. For example, your main supplier of a key batch of parts could have a lower cost, but more uncertainty in delivery time. Such countries include Belgium, Canada, Finland, France, Germany, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, and the United … The adoption of the SDGs presents a strategic opportunity to build on the momentum of the data revolution, expanding the data-input categories with new technology innovations, and demonstrating the central role of data in eradicating poverty and promoting sustainable development. Satellite products have the potential to be utilised in monitoring more than 23 potential SDG indicators, ranging from measuring global air quality to crop and forest cover, to disaster impacts, and water resources. The development of It is impossible to The MDGs have proved to be a powerful tool for building the political will needed, and the Goals provide a focus for both government and civil society. The success of plan is dependent upon accurate statistical data available at low stages In monitoring and evaluation of ongoing economic reform programmes, statistical data is vital, as it will provide the necessary information on performance indicators which serve to measure the impact of policy and programmes on the quality of life of target populations. It is increasingly important to have high quality statistics on the population and projections of the population, for policy development and for planning and providing public services. They must also serve the need of the public to monitor the activities of government and the changes in public well-being. Business owners face many situations with outcomes that seem unpredictable. some sort of advance thinking becomes necessary to resolve that complexity and to prepare the economy for those changes. The poverty headcount ratio in Colombo, the country’s capital and the least poor district, was estimated to be 6%, while the corresponding ratio in both Badulla and Moneragala, the two poorer districts, was 37% each. Innovation is not just about adopting new technologies, it is also about improving existing ones. The national economic policies and complex interactions among various sectors of the economy make it imperative for building up macroeconomic planning models. ADVERTISEMENTS: Use of Statistics in Economics: Origin, Meaning and Other Details! They help identify needs, set goals, and monitor progress. The use of them by one person or agency does not detract from their use by another. -     Role of statistics in planning, progress monitoring and evaluation of development activities Statistics is intimately related to and essentially dependent upon mathematics. This information is used for: central and local finance allocation; housing and land use planning; health care planning; providing education facilities; benchmarking other projections and as a control for smaller area projections; looking at the implications of an ageing population and making national and international comparisons, etc. It also improves accuracy, simplifies collection of GIS and image data, streamlines integration with other information streams, and opens up the possibility of incorporating micro-chip based sensors into survey processes. 3. This practice reduces the time and cost of data collection. In simple terms, they are the evidence on which policies are built. The MDG framework strengthened the use of robust and reliable data for evidence-based decision-making, as many countries integrated the MDGs into their own national priorities and development strategies. This approach involves the collection of information or data pertinent to the particular problem or concern. It helps the planning and production process. Statistics must be both reliable and relevant. So in any economic activity, statistics will play a very important role. Economic plan is the use of national resoures. These and other innovations will drive new approaches for achieving the SDGs, from pinpointing specific communities and households for health initiatives to integrating real-time monitoring of natural resources into allocation schemes, and tracking government and donor investments. Also, if data is to be useful and support good decision-making, they have to be ready at the time when decisions are being made or where the opportunity for influencing the outcomes is there. Statistics is the most important tool in economic planning. Economic planning has some essential features: (a) There must be a centralised planning authority for preparing the plans and suggesting the means for their implementation. Hence, statistics are needed to help drive the outcomes that the policies are aiming at. (i) Statistical data help us in comparing the rate of development of one country with the rate of development of the other country. Economics is about allocating limited resources among unlimited ends in the most optimal manner. New methods of data collection and analysis based on new technologies may replace or reduce the cost of traditional methods, but they will require additional investments. With strict adherence to integrity and objectivity, BOS is committed to providing high-quality statistical services meeting International and domestic requirements. Finally, improved data sources, sound statistical methods, new technologies and strengthened statistical systems enable better decisions that eventually result in better lives for all of us. Let’s take a closer look at important advantages of population census to the country’s development and planning. are re-storing to planning for economic development. It is impossible to separate them. They are capable of effectively and efficiently completing tasks that directly support the company’s mission and strategic goals. Legit.ng News Learn more about the importance of POPULATION CENSUS in planning and development of the socio-economic policies. Statistics and These days almost all the countries of the world adopt the method of planning for economic de-velopment. Economic developers provide critical assistance and information to companies that … All the content on this website is copyright protected and can be reproduced only by giving the due courtesy to 'ft.lk' Copyright © 2004 Wijeya Newspapers Ltd. (iii) The success that a plan achieves is measured best by the use of statistical methods. With the right tools, policies, and investments, we can move towards better quality, high-frequency data on sustainable development in all countries. Trade-offs between timeliness and other quality dimensions depend on the purpose to which data is being put. The widespread acceptance and use of the map, which gave poverty-related estimates at the Divisional Secretariat (DS) division level, is a testament to DCS’s success in disseminating the results of the poverty mapping exercise throughout the government agencies as well as to the general public. Statistics is the main proccessing and conclusioning unit in economic planning.Statistics also help in future broadcasting.for the targets of planning..stats provide earlier data as well as help to make better conclusions. 2. Crucial to their success will be good governance, informed by strong statistical systems that can measure and incentivise progress across all the goals. Table of Contents. Although research in this area is still limited, there is some evidence that more open data and new methods of data collection and use, can save money and create economic, social and environmental value. It becomes possible to judge the impact of different policies and measures. For instance, statistics holds a central position in fields like industry, commerce, trade, economics, biology, astronomy, etc., hence application of statistics is very wide. Economic planning - Economic planning - Economic planning in noncommunist countries: Since the end of World War II in 1945, most noncommunist developed countries have practiced some explicit form of economic plan. They must serve the need of government for efficient administration and management as well as for longer-term policy making. Today, statistics or more specifically statistical method is used extensively in almost all phases of human endeavour. Monitoring is a continuous process that requires data which is generated to assist in establishing whether planned targets are likely to be achieved or not. For instance, a number of goals have become generally accepted as the objective of economic policy and development. 2. Economic development is the development of economic wealth of countries, regions or communities for the well-being of their citizens. Using reliable data to monitor progress towards the MDGs also allowed governments at national and sub-national levels to effectively focus their development policies, programmes and interventions. Keeps good control: With control, the actual performance of an employee is compared with the plans, and deviations (if any) are found out and corrected. In year 2000, heads of states agreed upon the Millennium Development Goals (MDGs) and global targets for international development, with the aim of economic well-being and social development of the nations. For a family, it helps determine whether a savings plan is working well enough to hope for retirement someday. Importance of developing and maintaining a reliable, up to date and easily accessible database  Banks make use of statistics for a number of … Economics As these potential savings emerge and the quality of statistics improves, priorities for investment in statistics may change. Further, the use of modern computers has expedited large-scale statistical computations, and has also made possible new methods that are impractical to perform manually. Statistical methods and analyses are often used to communicate research findings and give credibility to research findings and conclusions. Today, statistical methods are applied in most of the fields that involve decision making, for making accurate inferences from arranged data. The Importance of Statistics in Management Decision Making. Statistics plays a vital role in every field of human activity. Business Statistics involves the application of statistical tools in the area of marketing, production, finance, research and development, manpower planning etc. For instance, a number of … Statistics involves making decisions, and in the business world, you often have to make a quick decision then and there. Abeynayake, Chief Guest and Secretary to the Treasury Dr. R.H.S. Statistics are public goods. Thursday, 29 December 2016 08:22 Statistics play a vital role in poverty reduction and world development. For example, your main supplier of a key batch of parts could have a lower cost, but more uncertainty in delivery time. And good statistics are essential to manage the effective delivery of basic services. (i) Statistics in Planning: Statistics is indispensable in planning—may it be in business, economics or government level. Business Statistics involves the application of statistical tools in the area of marketing, production, finance, research and development, manpower planning etc. In ancient times, it dealt with the affairs of the state, like collection of information (or data) regarding population and property or […] ECONOMIC PLANNING 3 and this quite possibly led to inappropriate or clumsy interventions. Statistics is one of the oldest subjects in human history. The entire process of data design, collection, analysis and dissemination needs to be demonstrably of high quality and integrity. But in modern times, the use of statistics … 2 1. 1. Economists use statistics to collect information, analyze data, and test hypotheses. Therefore, planning helps to give the right direction. Statistics help in providing data as well as tools to analyze the data. These policy frameworks highlight the need for statistics to provide a strong foundation for the diagnosis of poverty – where the poor are, why they are poor and what their lives are like – as well as to monitor the effectiveness of policy implementation. Quick Empirical Facts of Statistics. Overview This report focuses on the evidence on the health, economic and other benefits of investing in family planning. “Data are the lifeblood of decision-making and the raw material for accountability. Economic Planning in Pakistan History of Economic Planning in Pakistan The history of national economic planning in Pakistan is divided in the following periods: 1. Without high-quality data providing the right information on the right things at the right time; designing, monitoring and evaluating effective policies becomes almost impossible.” 2014 4 Methodologies and Tools for Integrated Infrastructure Planning and Rural Development in South Africa. Statistics is the most important tool in economic planning as for planning for the future we need current status of the economy which should of quantifiable in nature. Traditionally, the application of statistics was limited since the economic theories were based on deductive logic. At the national level, it helps determine interest rates, how much the money supply should be, where areas are falling behind or moving ahead. These innovations will dramatically advance national statistical offices’ and the international community’s ability to monitor the impacts of development programmes, in addition to informing the way they are designed and implemented. Thus, statistics on these issues serves as monitoring indicators which are vital for development plans. While they are often costly to produce, they are readily disseminated and once they are publicly available, it is difficult to exclude other users. The unprecedented rate of innovation in data collection techniques and technologies, as well as the capacity to distribute data widely and freely, have expanded the horizon. The role of statistics in national development is very critical. Existing tools for improving the quality of statistical data should be used and strengthened, and data should be classified using commonly agreed criteria and quality benchmarks. Good statistics also improve the transparency and accountability of policy making, both of which are essential for good governance, by enabling people to judge the success of government policies and to hold their government to account for those policies. The importance of census can be seen in every country’s economic development. The modern age is termed as the ‘age of planning’ and almost all organisations in the government or business or management are resorting to planning for efficient working and for formulating policy decision. Specialties have evolved to apply statistical theory and methods to various disciplines. Many pockets of high poverty existed even in affluent districts, including Colombo. How to produce? In addition to working as DFI Fellows, these students have something else in common: their respective graduate programs all … Planning models can be classi–ed in several di⁄erent categories: aggregate, main sector, multi-sectoral, regional and project speci–c models (Chowdhury and Kirk- Role of statistics for global monitoring There are various types of macroeconomic and socio-cultural indicators or “metrics” used by economists to assess the relative economic advancement of a given region or nation. Statistics can be used for making sales projections, financial analysis of capital projects, constructing profit projections for a new product, setting up production quantities, and monitoring product quality. Generally, there are some quick empirical facts that will make you understand the importance of statistics in education quickly. Cost savings that might also result from the use of new technologies or from complementarities between statistical programmes. Statistical knowledge helps you use the proper methods to collect the data, employ the correct analyses, and effectively present the results. For example, Satellite imagery is increasingly available for free at a moderate resolution, and at a cost for high-resolution sources. Statistics continues to be an area of active research, for example on the problem of how to analyse big data. Targets which are fixed, have to be achieved within a specific period of time. Business managers use statistics as an aid to making decisions in the face of uncertainty. Period of economic coordination (1947-53)2. About adopting new technologies or from complementarities between statistical programmes design and implementation stages of country frameworks! Map for 2002 has proved to be supported by the whole nation, from economists, politicians importance of statistics in economic planning even! Part of their use by another employ the correct analyses, and monitor effective development policies quality. 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