What is Statistics

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What is Statistics

Statistics is a branch of mathematics used to analyze, interpret and summarize what we observe. A counselor for example may use statistics to describe the patient’s behavior and the effectiveness of a treatment program. A social psychologist also may use statistics to summarize peer pressure among teenagers and interpret the causes.

What are the Types of Statistics?

There are two types of statistics.

  • Descriptive Statistics
  • Inferential Statistics

In descriptive statistics, the data or collection of data is described in summary while inferential statistics explain the descriptive one.

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Descriptive Statistics

The data is summarized and explained in descriptive statistics. The summarization is done from a population sample utilizing several factors such as mean and standard deviation. it is a way of organizing and representing a set of data using charts, graphs, and summary measures. Histograms, pie charts, bars, and scatter plots are common ways to summarize data and present it in tables or graphs.

Inferential Statistics

It tends to interpret the meaning of descriptive. We utilize inferential statistics to convey the meaning of the data collected after it has been evaluated, and summarized. The probability principle is used in inferential statistics to determine if patterns found in a study sample may be extrapolated to the wider population. They are used to test hypotheses and study correlations between variables, and can also be used to predict population sizes.

Mathematical Statistics

Statistics is used mainly to gain an understanding of the data and focus on various applications. Statistics is the process of collecting data, evaluating data, and summarizing it into a mathematical form. Initially, statistics were related to the science of the state where it was used in the collection and analysis of facts and data about a country such as its economy, population, etc. Mathematical statistics applies mathematical techniques like linear algebra, differential equations, and mathematical analysis

What are the Models of Statistics

Different models of statistics are used in different forms. They include:

Skewness – It refers to a measure of the asymmetry in a probability distribution where it measures the deviation of the normal distribution curve for data. The value of skewed distribution could be positive or negative or zero. The curve is said to be skewed when it shifts from left to right. If the curve moves towards the right it is called a positive skewed and if the curve moves towards the left, it is called left-skewed.

ANOVA Statistics – The word ANOVA means Analysis of Variance. The measure used in calculating the mean difference for the given set of data is called the ANOVA statistics. This model of statistics is used to compare the performance of stocks over some time.

Degrees of freedom – This model of statistics is used when the values are changed. Data that can be moved while estimating a parameter is the degree of freedom.

Regression Analysis – In this model, the statistical process determines the relationship between the variables. The process signifies how a dependent variable changes when an independent variable changes.

Summary Statistics

In Statistics, summary statistics are a part of descriptive statistics, which gives a list of information about sample data. Since statistics deals with the presentation of data visually and quantitatively, summary statistics deals with summarizing statistical information. In general, it deals with condensing the data in a simpler form for the observer to understand the information.

Scope of Statistics

Statistics is used in many sectors such as psychology, geology, sociology, weather forecasting, probability, and much more. The goal of statistics is to gain understanding from the data, it focuses on applications, and hence, it is distinctively considered a mathematical science.

Applications of Statistics

Statistics has applications across various fields in Mathematics as well as in real life. Some of the applications of statistics include:

  • Applied statistics, theoretical statistics, and mathematical statistics
  • Machine learning and data mining
  • Statistics in society
  • Statistical computing
  • Statistics applied to the mathematics of the arts

What is the purpose of statistics?

Statistics make us learn to utilize a restricted sample to make accurate determinations about a more prominent populace. The utilization of tables, diagrams, and graphs assumes a crucial part in introducing the information being utilized to reach these determinations.

What is the importance of Statistics in real life?

Statistics encourages one to utilize legitimate strategies to gather the information and utilize the right  Read more about Functions of Statistics in Real Life

How are statistics useful to businesses?

Statistical research in business facilitates chiefs to examine past performance, forecast forthcoming enterprise procedures, and lead associations efficiently.  It can also define the demand-supply chain, report promotional activity, fix costs and respond to shifts in customer needs.

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