Question

What is the purpose of data collection and what role does statistical analysis play? (In Australian Accounting Environment) (Plz type up your answer) Discuss in 100 to 120 words

Answer 1

Data collection is the process of gathering and measuring information on targeted variables in an established systematic fashion which then enables one to answer questions and evaluate outcomes. The purpose of data collection is to understand economic environment, the challenges of the economy and to find out the solutions for the challenges.

Statistical analysis involves collecting and scrutinizing every data sample in a set of items from which samples can be drawn. A sample in statistical is a representative selection drawn from a total population.

Statistical method and analyses are often used to communicate research findings and to support Hypothesis and give credibility to research methodology and conclusions.