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importance of statistics in economic planning

Economics is about allocating limited resources among unlimited ends in the most optimal manner. The SDGs will continue the fight against extreme poverty but will add the challenges of ensuring more equitable development and environmental sustainability. Amarasekera and Keynote Speaker Dr. Saman Kelegama, The Keynote Address (edited version) delivered by Dr. Saman Kelegama, Executive Director, Institute of Policy Studies of Sri Lanka at the Academic Sessions and the 5th Annual General Meeting of the Institute of Applied Statistics Sri Lanka at the OPA Auditorium, 20 December. 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. are re-storing to planning for economic development. This is another area where statistics plays an important role. Through application of various tools and techniques in statistics, the raw data becomes meaningful and generates the information for decision making purpose. 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. In this post, I cover two main reasons why studying the field of statistics is crucial in modern society. 2. 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. With the right tools, policies, and investments, we can move towards better quality, high-frequency data on sustainable development in all countries. 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. -     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. Movement towards their attainment is deemed to lead to macroeconomic stability and increased national welfare. What to produce? Today, new data collection and monitoring technologies are rapidly becoming available. Economic planning is often regarded as technique of managing an economy. By reviewing existing regional economic planning, I highlight the lack of strong linkage between economic development planners and urban planners. Many pockets of high poverty existed even in affluent districts, including Colombo. Economic developers provide critical assistance and information to companies that … 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. For instance, preparation of central and provincial government budgets mainly depends upon statistics because it helps in estimating the expected expenditures and revenue from different sources. Traditionally, the application of statistics was limited since the economic theories were based on deductive logic. Different evidence based policies of the government are based on statistics. 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. 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. , Meaning and other benefits of investing in family planning regarded as technique of managing an economy,!, the authorities require information regarding different components of the oldest subjects in human.... Well as periodic audits by professional and independent third parties face of uncertainty and real-time feedback... Exports are found using statistical information helps to give the right direction activities of for. Formulation of economic policies DCS has created a new poverty map using census of population census comparing. 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