Monday, July 6, 2015

Introduction to Industrial Statistics

Industrial Statistics (IS) is a branch of economic statistics. It deals with all economic phenomena related in production within industries and provides important means for comprehensive investigations industries. It helps to connect, adjust and at the same time provides necessary information to prepare new plans for future.
There are three main sectors of an industry-
1. Management & Personnel management
2. Budget & Finance
3. Marketing
1. Management & Personnel Management:
The management & management sector govern the overall management including production process and personnel management of an industry. It deals with policy making to run an industry, future development from the past and adjusting data.
2. Budget & Finance:
Budget & Finance sector of an industry deal with financing for running the industry and the other economic related issues with all other sectors within the industry.
And also the wealth and economic related works with other agencies, may be government. autonomous, private companies etc.

3. Marketing:
Marketing sector has the responsibility of sales promotion of the production, perform making to achieve optimum profits that can be obtained from a good marketing policy.

Scope of the Study:
This study deals with
1. Production and realization of products along with their quality standard.
2. Labor resources & their utilization.
3. Labor productivity & wage structure of employees.
4. Fixed assets and investments.
5. Technical Process
6. Product  costs
7. Profits etc
Apart from the above mentioned tasks, some other functions are performed in industrial statistics. they are-
* Plans and their fulfillments
* Within industry production reserves
* Works and their dynamicity
* Information from other industries and other countries for comparative purposes.

Production:
Production means the creation of some materials necessary for human use.
Realization:
Realization means the assessment of the assumption of products.

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