Question

What are the Statistical Indicators and what do they tell management?

Answer 1

Statistical indicators are the description of economic, social and other characteristics of a certain phenomenon at a specified time and place. The indicator may be an absolute number, percentage, rate or other statistical measure.

Statistical Indicators help the management in allowing comparisons over time between, for instance, countries and regions, and in this way assist in gathering ‘evidence’ for decision making.

Indicators help management to evaluate plans and create development programs in line with their desired objectives. By themselves, indicators do not necessarily contain all aspects of development or change, but they hugely contribute to explaining them. They allow comparisons over time between, for instance, countries and regions, and in this way assist in gathering ‘evidence’ for decision making.