what is the importance of statistical discrepancy?

Expert Solution

Statistical discrepancy means the deviation of two statistics observations that is required to be equal in the accounting sense but due to some technical reason it shows the difference of some amount that can be adjustable with doing some adjustment.

It may be because of some inappropriate data or some inaccurate information that is delivered on the random basis without having a proper evaluation before calculation.

The statistics bureau can be made some adjustments for resolving the differences.

Importance of statistical discrepancy is as follows:

It is good for the adjustment in the accounting sense.
It is beneficial for the economy to make the balance properly.
It is beneficial to know the adjustment values.
It is important for the deficits concepts also.
It is beneficial in the calculation of total production in the economy
In some policy formulation it is good to maintain a proper balance and that’s why it is an important concept.

Rahul Sunny answered 2 years ago

From the table below calculate GDP via expenditure and income methods. Does Statistical Discrepancy exist...

From the table below calculate GDP via expenditure and income methods. Does Statistical Discrepancy exist (difference in GDP via both the methods)? b Calculate GNP. c Calculate national income and disposable personal income. What percentage of national income is disposable personal income? d What percentage of disposable personal income is consumption expenditure? (2+1+2+1) Item Amount (trillions of dollars) Wages 6.0 Government expenditure 2.0 Interest, rent, and profit 2.4 Consumption expenditure 7.4 Investment 1.6 Net exports 0 Indirect...

Personal consumption expenditures $245 Net foreign factor income 541 Transfer payments 182 Rents 143 Statistical discrepancy...

Personal consumption expenditures $245 Net foreign factor income 541 Transfer payments 182 Rents 143 Statistical discrepancy 585 Consumption of fixed capital (depreciation) 274 Social security contributions 204 Interest 130 Proprietors’ income 335 Net exports 115 Dividends 160 Compensation of employees 223 Taxes on production and imports 185 Undistributed corporate profits 210 Personal taxes 263 Corporate income taxes 190 Corporate profits 568 Government purchases 732 Net private domestic investment 383 Personal saving 206 Using the above data, determine GDP by both...

what is the employer needs to do when a discrepancy statement is received

Explain management's role and the importance of it in the implementation of statistical process control (SPC)....

Explain management's role and the importance of it in the implementation of statistical process control (SPC). COURSE: QUALITY MANAGEMENT CONTROL

When confronted with a discrepancy in the plans and specifications, what form do you use to...

When confronted with a discrepancy in the plans and specifications, what form do you use to get an answer from the architect? 1- Submittal 2- AIA Form 101 3- RFI 4- RFP

Short essay Budget planning and control Statistical analysis is a MUST Topic: The importance to have...

Short essay Budget planning and control Statistical analysis is a MUST Topic: The importance to have a good budget planning and control system

what are the difference between statistical sampling and non statistical sampling?

What factors may have contributed to any discrepancy between the experimental values and the corresponding theoretical...

What factors may have contributed to any discrepancy between the experimental values and the corresponding theoretical values that you were to compare to?

Interpret the results in terms suitable for the clinician, describing the statistical strength of evidence and possible clinical importance

according to the simple linear regression result above.Interpret the results in terms suitable for the clinician, describing the statistical strength of evidence and possible clinical importance [Note, as a guide, that a difference of 5 in Methicillin DDDs would be of clinical importance.].Note: MRSA, in this case, is a binary variable and Methicillin is a continuous variable.Where I am confused is that since p=0.711 there is no doubt that the null hypothesis is accepted, but since both 5 and -5...

How does error influence statistical analyses? What is statistical error?

Question