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Statistics is a significant part of our life. From our daily expenses to innovative technologies, statistics are everywhere. That is why it is a crucial subject in academics worldwide. Although statistics is a part of mathematics, all students learn it from their initial stages. But it is always challenging for the students when it comes to advanced statistics. Even some of the students cannot clear the basic concepts of statistics by themselves.
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What Is Statistics?
Statistics is a part of applied mathematics that includes collecting, describing, analyzing, and inferring results from quantitative data. The mathematical theories behind statistics depend massively on differential and integral calculus, probability theory, and linear algebra. Statisticians or the people dealing with statistics are especially concerned with planning how to draw solid conclusions about big groups and general events from small samples' behavior and other observable characteristics. These small samples represent a portion of the large group or a limited number of cases of a general phenomenon.
The two important fields of statistics are descriptive statistics, which explains the properties of individual and population data, and inferential statistics, which uses those properties to test hypotheses and draw conclusions.
Different Types Of Statistics
In Descriptive Statistics, the data is summarized through the provided measurements. The summarization is one from a population sample using parameters such as the SD and mean.
It is a way to organize, represent and represent a group of data using graphs, tables, and summary measures. For instance, the collection of people in a town using the internet or using Television. Descriptive statistics are also categorized into 4 different categories:
Measure of frequency
Measure of position
Measure of central tendency
Measure of dispersion
The frequency measurement represents the several times a data occurs. Standard Deviation, Range, Variance are measures of dispersion, and it distinguishes the spread of data. Central tendencies measurements are data's mean, median, and mode. And the measure of position represents the percentile and quartile ranks.
Inferential Statistics is applied to understand the meaning of Descriptive statistics. That means once the data has been gathered, interpreted, and compiled, we use these stats to describe the purpose of the gathered data. Or we can say it is utilized to conclude the data that depends on random variations such as sampling variation, observational errors, etc.
This statistic is a method that enables users to use data obtained from a sample to make choices, forecasts, or inferences from a population. It allows us to give statements beyond the available data or information, for example, deriving estimates from hypothetical research.
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