Where science meets Indian economics: in five charts

A Pareto chart is a bar graph or a combination of both line and bar graphs. The bar lengths represent the individual values or the frequency, while the lines represent the cumulative total values. In this chart, the longest bars are arranged on the left and the shortest bars on the right, which makes it easier to read and interpret the data. It can also be called a Pareto diagram or Pareto analysis.
The Pareto chart is named after the Italian economist Vilfredo Pareto, who described the Pareto...

Econometric Views, often stylized as EViews, is a package that merges statistical analysis with econometric studies. It is designed to provide tools for time series analysis, forecasting, and econometric model simulation. The software originated from MicroTSP software and has evolved significantly since its inception in 1981. The history of EViews is marked by a continuous effort to enhance its computational speed and user interface. It was initially developed for large computing systems but...

R chart, or range chart, is a fundamental tool in statistical process control used to monitor the variability within a process. It complements the X-bar (x̄) chart by focusing on the range of the data, rather than individual values, providing a clear picture of the process dispersion over time.
An R chart plots the range of subsets of measurements collected from a process. Each point on the chart represents the range—defined as the difference between the maximum and minimum...

Quantitative analysis is a technique for measuring the amount of specific constituents in a sample. When the sample's composition is unknown, qualitative analysis is performed first to identify its components, which ensures that the correct substances are measured during the quantitative phase.
In quantitative analysis, two key measurements are made: the sample quantity and a property proportional to the amount of the analyte (the substance being analyzed). This forms the basis of the...

Interpreting x̄ charts, a type of control chart used in statistical process control helps monitor the variation in processes over time. The x̄ chart is based on the sample mean and allows for monitoring variations in the process mean over time. These charts are pivotal for quality assurance in manufacturing and other sectors.
An x̄ chart plots the values of individual measurements over time against control limits calculated from historical data. The central line...

Run charts, essentially line graphs plotted over time, serve as fundamental yet effective tools for process analysis. They chronicle data sequentially, facilitating the identification of trends, shifts, or cyclical movements. This graphical representation is instrumental in determining whether a process is stable or exhibits signs of potential instability indicative of special cause variation. In the healthcare domain, run charts depict infection rates over time, enabling hospitals to monitor...