What is the simple definition of basic statistics?
Defin Basic Statistics
The practice
or science of collecting and analyzing numerical data in large quantities,
especially for the purpose of inferring proportions in a whole from those in a
representative sample.
Statistics is a form of mathematical analysis that uses estimated models, representations
and synopses on a given set of experimental data or real-life studies. Statistics
studies methods to gather, review, analyze and draw conclusions from data. Some
basic statistical measures include the following
read more: Application of Statistics in Business
·
Skewness
·
Kurtosis
·
Variance
What is Statistics?
To defin basic Statistics, Statistics is the
science concerned with developing and studying methods for collecting,
analyzing, interpreting and presenting experimental data. Statistics is a
highly versatile field; research in statistics finds applicability in virtually
all scientific fields and research questions in the various scientific fields also
motivate the new statistical methods and theories to be developed. In
developing methods and studying the theory that underlies the methods
statisticians draw on a variety of mathematical and analytical tools.
Two
fundamental ideas in the field of statistics are uncertainty and variation.
There are many situations that we encounter in science (or more generally in
life) in which the outcome is uncertain. In some cases the uncertainty is
because the outcome is not determined yet (e.g., we may not know whether it
will rain or hot tomorrow) while in other cases the uncertainty is because the
outcome has been determined already but we are just not aware of it now (e.g.,
we may not know whether we passed a particular exam).
Probability is a mathematical language used to discuss certain and uncertain events and
probability plays an important role in basic statistics. Any measurement or
data collection effort is subject to a number of sources of variation. By this
we mean that if the same measurements are repeated over and over, then the
answer is likely to be changed. Statisticians attempt to understand and control,
if possible the sources of variation in any given situation.
read more: Averages: Mean, Median and Mode
Types of Statistics
Statistics can
be categorized into 2 types Descriptive Statistics and Inferential Statistics.
1.
Descriptive Statistics: It is used for summarizing observations etc.
2.
Inferential Statistics: It is used for interpreting the meaning of the descriptive statistics.
Importance of Statistics
1.
Statistics makes the work simple & provides a clear picture on the work we
do on daily basis.
2. The
statistical methods help us to do research on different fields such as
medicine, economics, business, social science and so on.
3.
Statistics provides us with different types of organized data with the help of
graphs, diagrams and charts.
4.
Statistics come up as useful while we do critical analysis.
Importance of Statistics in Different Fields
Now
statistics holds a central position in almost every field, including industry,
commerce, trade, physics, chemistry, economics, mathematics, biology, botany,
psychology, astronomy, etc., so the application of statistics is very wide. Now
we shall discuss some important fields in which statistics is commonly applied.
(1)
Economics
Economics largely depends upon statistics.
National income accounts are multipurpose indicators for economists andadministrators, and statistical methods are used as well as useful to prepare
these accounts. In economics research, statistical methods and statistical models are used to collect and analyze the data and test hypotheses. The
relationship between supply and demand is studied by statistical methods;
problems such as imports and exports, inflation rates, and per capita income
requires a good knowledge of statistics.
(2)
Mathematics
Statistics
plays a central role in almost all natural and social sciences. The methods
used in natural sciences are the most reliable but conclusions drawn from them
are only probable because they are based on incomplete evidence. Statistics
helps in describing these measurements more precisely. Statistics is a branch
of applied mathematics. A large number of statistical methods like probability averages, dispersions, estimation, etc., are used in mathematics, and different
techniques of pure mathematics like integration, differentiation and algebraare used in statistics.
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(3) Banking
Statistics
plays an important role in banking. Banks make use of statistics for a number
of purposes. They work on the principle that everyone who deposits their money
with the banks does not withdraw it at the same time. The bank earns profits
out of these deposits by lending it to others on interest. Bankers use statistical approaches based on probability to estimate the number of deposits
and their claims for a certain day.
(4) State Management (Administration)
Statistics is essential to a country. Different
governmental policies are based on statistics. Statistical data are now widely
used in making all administrative decisions. Suppose if the government wants to
revise the pay scales of employees in view of an increase in the cost of living, and statistical methods will be used to determine the rise in the cost of living. The preparation of federal and provincial government budgets mainly
depends upon statistics because it helps in estimating the expected
expenditures and revenue from different sources. So statistics are the eyes of
the administration of the state.
(5) Natural and Social Sciences
Statistics plays a vital role in almost all the natural and social sciences. Statistical methods are commonly used for analyzing experiments results, and testing their significance in biology, physics, chemistry, mathematics, meteorology, research, chambers of commerce, sociology, business, public administration, communications and information technology, etc.
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