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What Are Types Of Index Number In Statistics?

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Iris Phillips Profile
Iris Phillips answered
The basic types of index numbers in statistics are index, simple index and composite index numbers. Within these category-like types, the most commonly used types of index numbers are the price index and quantity index numbers.

  • Index numbers in general
As a whole, index numbers are employed to measure changes which can not be observed directly. For example, it is not possible to measure various changes within the business activities of a country directly, but relative changes within business activities can be studied by examining measurable value changes of factors affecting business activities.

  • Index numbers
These are statistical measures specifically designed to display changes in variables, or groups of variables, in relation to time periods, locations, professions or income, etc. A set of index numbers covering different locations, years, etc, is often referred to as an index series.

  • Simple index number
Simple index numbers measure relative changes of a single variable in relation to a specific base.

  • Composite index number
Composite index numbers measure average relative changes within a group of several relative variables in relation to a certain base.

  • Price index number
Price index numbers are used to measure relative changes in the price of a product, or commodity, from one period to another. They may be used within a wholesale price index or a consumer price index. Usually the present, or current, price level is compared to a specific period in a previous month, year, decade, etc. This is known as the base period.

  • Quantity index number
The quantity index numbers are used to measure the changes relating to the physical quantities of how many of an item or group of items were produced, sold or consumed.

A variety of examples of index types and fairly detailed information about the listed examples can be found at MathWorld.
Anonymous Profile
Anonymous answered
There are five types of index number in statistics.
Anonymous Profile
Anonymous answered
Types of index number in statistics
charles nyakundi Profile
What is the different between composite index number and general index number? What are the limitations of general index numbers?
Anonymous Profile
Anonymous answered
There are two types of index number in statistics

(1) economic
(2) social
Suhail Ajmal Profile
Suhail Ajmal answered
There are many types of indexes in Statistics and a few examples are Bowley Index, Fisher Index, Geometric Mean Index, Harmonic Mean Index, Laspeyres' Index, Marshall-Edgeworth Index, Mitchell Index, Paasche's Index, Walsh Index etc. For detailed information about these indexes, visit the following link.
Statistics Indexes

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