What are Statistics?
Statistics in Mathematics is the study and manipulation of data. It involves the analysis of numerical data, enabling the extraction of meaningful conclusions from the collected and analyzed data sets.
- According to Merriam-Webster: Statistics is the science of collecting, analyzing, interpreting, and presenting masses of numerical data.
- According to Oxford English Dictionary: Statistics is a branch of mathematics dealing with the collection, analysis, interpretation, presentation, and organization of data.
Statistics
The practice or science of collecting and analysing numerical data in large quantities, especially for the purpose of inferring proportions in a whole from those in a representative sample.
Statistics Terminologies
Some of the most common terms you might come across in statistics are:
- Population: It is actually a collection of a set of individual objects or events whose properties are to be analyzed.
- Sample: It is the subset of a population.
- Variable: It is a characteristic that can have different values.
- Parameter: It is numerical characteristic of population.
Statistics Examples
Some real-life examples of statistics that you might have seen:
Example 1: In a class of 45 students, we calculate their mean marks to evaluate performance of that class.
Example 2: Before elections, you might have seen exit polls. Exit polls are opinion of population sample, that are used to predict election results.
Introduction of Statistics and its Types
Statistics and its Types: Statistics is a branch of math focused on collecting, organizing, and understanding numerical data. It involves analyzing and interpreting data to solve real-life problems, using various quantitative models. Some view statistics as a separate scientific discipline rather than just a branch of math. It simplifies complex tasks and offers clear insights into regular activities. Statistics finds applications in diverse fields like weather forecasting, stock market analysis, insurance, betting, and data science.
In this article, we will learn about, What is Statistics, Types of Statistics, Models of Statistics, Statistics Examples, and others in detail.
Table of Content
- What are Statistics?
- Types of Statistics
- Descriptive Statistics
- Inferential Statistics
- Hypothesis Testing
- Data in Statistics
- Representation of Data
- Models of Statistics
- Data Analysis
- Types of Data Analysis
- Coefficient of Variation
- Applications of Statistics
- Business Statistics
- Scope of Statistics
- Limitations of Statistics
- Solved Problems – Statistics