Index Numbers and Time-based data analysis: Latest updates for 2021
Two chapters in class 12th are the most crucial chapters. And no doubt, you will also agree that CBSE class 12 index numbers & time-based data are those two chapters that make it more difficult for the students. If you are a class 12th student, this article will help you decode everything about index numbers and time-based data analysis.
Introduction to index numbers
The index number is a process of evaluating differences in a variable group concerning the geographic location, time, and other features. Usually, the value of the index number is 100. And that does indicate certain elements like price, date, or level of production.
In applied mathematics, index numbers are of several kinds. However, the most relatable index number in recent times is the price and quantity index number. Price indicates the modifications in the total price level, whereas the quantity index number helps you determine the quantity of product manufactured, bought/sold.
Types of index numbers
Price Index numbers
The price index numbers are those index numbers that evaluate the variances in costs between two certain points in time.
Quantity index numbers
Quantity index numbers are those numbers that evaluate the physical quantity of any product manufactured, sold, or bought. It may also refer to the group of items.
Important characteristics of index numbers
- Index numbers are usually expressed in percentage so that the barrier will be removed.
- The index numbers always measure NET or relative changes in any variable
- Index numbers measure all these close changes over the duration in more than two places.
- They are always a specialized average that comes in percentage
- It is for evaluating modifications that are not directly measurable
Time-based data helps you evaluate metrics and events that revolve around time. That implies; with the help of time-based data, you can determine the events that are changing over time. In class 12th, time-based data is a brief introduction, where you will learn about the time series database’s initials. If you want to get the best coaching on time-based data, you must join the best online applied mathematics programs.
How to read both the chapters easily?
If you are a class 12th student and want to get the best marks in index numbers & time-based data, you must follow the below preparation points. It will help you get the best outcome.
- Divide the schedule and find out specific times for preparing index numbers and time-based data.
- Complete these chapters earlier, and do as much revision as you can
- Take the help of skilled mathematicians if you find any doubt in these two chapters
- Collect questions from past years, and make a note of crucial questions
Find out references that offer you important questions on these two chapters.
Keeping it short, this is everything you must know about index numbers and time-based data. Now that you know everything, you must start preparations and revise as much as you can. If you are a class 12 student, you must follow the above points while preparing for your class 12th board examination.