So, how can students stop sweating over statistics? The key is to understand the subject from its roots. And of course, the basics of a subject cover the definition of the subject, understanding its types and scope, and how they are applied in real-life.
And that is precisely what this blog is for – to give you the basic knowledge of Statistics.
So, instead of running from it, face the fear and challenge the subject head on.
On that note, let us dig deeper into the roots and fundamentals!
Statistics is a branch of mathematics dealing with gathering, analysing, interpreting, and presenting masses of numerical data. If to put it simply, it is a mathematic discipline that summarises data collection using a method and presents them to the world.
Nevertheless, there are two significant yet essential ideas involved in statistics: variation and uncertainty. And the uncertainty in different aspects can only be studied through statistical analysis. These variations are studied by statisticians, who determine the interpretations by the probability that plays a vital role in statistics.
The basics of statistics include the measure of central tendency and the measure of dispersion. The central tendencies are mean, median, and mode. At the same time, the dispersion comprises variance and standard deviation.
Mode -Mode is the most frequent observation that occurs in a data set.
Mean -Mean is the average of all observations.
Median -You get a central value when you arrange observations in order. You call this central value the median.
Standard deviation-Standard deviation is the measure of the dispersion of data from the mean value.
Variation-Variation is the measure of spread out of the data collection.
The square of standard deviation is equal to the variance.
What is Mathematical Statistics?
Mathematical statistics is the application of mathematics to statistics, which was initially conceived as the science of the state. Mathematics techniques used for different analytics include mathematical analysis, stochastic analysis, linear algebra, differential equation, and measure-theoretic probability theory.
Here is an example that will help you better understand the meaning of mean, median, and mode with models and formulas.
The data comprise a set of marks obtained by fifty students in a class. When we take out the data average, the result is the average of fifty students’ marks. For example, if the average marks obtained by those students are 88 out of 100, based on the outcome, the conclusion will be:
For n number of observations,
Mean = x¯¯¯=∑xn=∑xn
Median = ([n2+1]th term2[n2+1]th term)/2 (If the number of observations is odd)
Mode = ([n2]th term+[n2+1]th term2[n2]th term+[n2+1]th term) / 2. If the number of observations is even.
The Types of Statistics
There are two types of statistics: descriptive statistics and inferential statistics. In descriptive statistics, the data and the collection of data are summarised. In inferential statistics, you have to use the data collected to explain the descriptive kind.
Inferential statistics interprets the meaning of descriptive statistics. After you collect the data, analyse it, and summarise the collected set, you use the inferential statistics method to describe the meaning of the collected data.
Inferential statistics usually intends to investigate relationships between variables and test hypotheses. It is used to predict the population.
Inferential statistics use the probability principle to evaluate whether trends in the research samples can be generalised to the larger population from which the selection originally comes.
Inferential statistics are also used to draw inferences and conclusions to make valid generalisations from samples.
In the descriptive statistics, the data is described in a summarised way. For example, one3 summarises the sample of data collected using different parameters like standard deviation or mean. Descriptive statistics use charts, graphs, and summary measures to organise, represent, and explain a set of data.
Descriptive statistics are just descriptive and do not require normalisation beyond the data collected.
Data is typically gathered, collected, and displayed in graphs or tables summarising details such as pie charts, scatter plots, histograms, and bars.
The Scope of Statistics
Statistics help in economic planning
Statistical data and different statistical analysis techniques are useful in solving economic problems. Economic issues such as production, wages, unemployment, consumption, price profits, poverty, etc., can be expressed numerically. One can also evaluate the success plan of economics with the help of statistics.
Statistics in administration
One can never perceive efficient administration without applying statistics. Therefore, statistics from the time of its origin have been used to collect data regarding the fiscal and military policies.
Statisticians collect a huge number of statistics on various aspects of people and thereby frame different policies for the welfare of the people.
Statistics in business and management
Statistics enables business people to formulate policies regarding business and forecast future trends.
Modern business has its roots in the accuracy of the estimates and statistical forecasting regarding the future demand for the market trends. Therefore, the correct estimation and decision making of the businessmen depend upon their experience and proper use of statistical methods.
Statistics in research
Statistical methods are extensively sued in every type of research work. However, whether it is in health, agriculture, or social science, statistics have an impactful presence in carrying out different types of research.
Similarly, statistics help insurance companies, banking, transportation, industries, railways, physical science, etc. Therefore, you can conclude that almost there is no sphere of human activity that statistics has not touched. And that brings you an excellent reason to study statistics and rule the world statistically.
Methods in Statistics
There is no denying that the world is becoming obsessed with big data, so you must know where to start. These five primary data deriving methods are majorly used in performing statistical analysis.
Sample size determination
The Applications of Statistics
Applied statistics is the root of data analysis, and the practice of applied statistics involves analysing data to help define and determine organisational requirements. Today, one can easily find the application of statistics in various fields, such as information technology, finance, accounting, medicine, engineering, marketing, business, etc.
The growing status of statisticians and analysts results from the explosive growth of data that requires specific analysis and processing. Therefore, statistics will continue to be an area of active research. However, now that the scope and importance of statistics have been pointed out in this paper, you have enough reasons to study the subject without fearing its outcomes. All the best!
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