ABOUT STATISTICS AS A SUBJECT
This branch of Mathematics has to do with collection, organization, analysis, interpretation and presentation of data. The application of statistics starts with a scientific, social or an industrial problem and is based on a statistical population or a statistical model. It is important for quantitative analysis in the field of medicine and genetics as well as in making important decisions in business management. Data is being collected everywhere from medical studies to research experiments, from working of satellites to polling organizations and much more.
Statistics is an important branch is many other fields such as sociology, business, psychology, economics, advertising, demography as well as biology. This is why the demand for statisticians in continuously increasing. The need of statistics is growing in society, from government to business and industry, from universities to research and laboratories.
The graphical representation in statistical studies is done via pie charts (circle graphs), bar/ pareto graphs, scatter plots, time plots, stem and leaf plots, box and whisker graphs and others. Statistics is built up from the field of mathematics known as probability. Probability studies determine the likelihood of an event to occur. It also talks about the randomness of an event. Statistics continued to grow from the roots of probability after the 800s. Today, the scope of the subject is enlarged and is known as mathematical statistics. Statistics is further categorized into the following types:
- DESCRIPTIVE STATISTICS
The goal of analyzing data via descriptive statistics is to calculate quantities that describe our data. The average of data is found out by mean, median and mode analysis. To find out how much the data is spread across, range and standard deviation is used. For paired data, complicated techniques such as correlation and regression are used.
- INFERENTIAL STATISTICS
This branch of statistics involves sampling of data to infer something about the population. For the same, hypothesis testing is taken into consideration. Thereafter, various statistical tools are used to determine whether the hypothesis should be accepted or rejected.
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