Statistics is a very extensive and vast subject, with large applications in a wide number of fields. In general one can say that statistics is the practice for collecting, analysing, interpreting and depicting conclusions from information. In other words, statistics is the method which scientists and mathematicians established for interpreting and drawing conclusions from the data collected. Everything that deals with the collection, processing, interpretation and presentation of data belongs to statistics, and so does the thorough planning that heads all the activities.
Statistics is more than just formulation of numbers and the graphical representation of the tabulated numbers. Statistics is the science of acquiring information from numerical and definite data. Statistical methods can be used to find answers to the questions such as:
- What kind of data and how much data needs to be collected?
- How should we establish and review the data?
- How can we study and evaluate the data and draw conclusions from it?
- How can we measure the strength of the conclusions and gauge their uncertainty?
Moreover, statistics is the science of dealing with indeterminate occurrence and happenings. Statistics in exercise is useful to study the efficiency of medical treatments, the reaction of consumers to telly advertising, the attitudes of young people towards education or marriage, and more. At present time statistics is used in every field of science.
A type of mathematical evaluation involving the use of computed representations and summaries for a given set of practical data or real observations. Statistical analysis includes the process of collecting and studying data and then briefing the data into a numerical form. Some statistical methods include recession analysis, mean, skewness, analysis of variance etc.
- Population is the collection of all individuals or items in a statistical study.
- Sample is a part of the population from which information is collected.
Statistics is a common term used to review a process that a forecaster, mathematician or statistician can use to describe data. If the data is based on a sample of a bigger population, then the forecaster can extend implications onto the population based on the statistical outcomes from the sample.
There are two main types of statistics. The branch of statistics that is dedicated to the summarization and depiction of data, called descriptive statistics and the branch of statistics concerned with using sample data to make an interpretation about a population of data is called inferential statistics.
Descriptive Statistics - Descriptive statistics comprises of methods for organizing and briefing information. Descriptive statistics includes the creation of graphs, charts, and tables, and the calculation of several descriptive processes such as averages, measures of variation, and percentiles.
Inferential Statistics - Inferential statistics consist of methods for drawing and measuring the consistency of conclusions about population based on information obtained from a sample of the population. Inferential statistics includes methods like point estimation, interval estimation and hypothesis testing which are based on probability theory.
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- Formulate the research problem.
- Define population and sample.
- Accumulate the data.
- Do imaginative data analysis.
- Use apt statistical methods to solve the research problem.
- Report the outcomes.
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