Statistics:
Statistics is the study of mathematics that uses models for representations and synopses of data. Statistics studies are used to gather, review, analyze, and draw conclusions for data.
It is the discipline that concerns the analysis, gathering, interpretation, and presentation of data.
Why do we need Statistics?
Statistics are not just numbers and models. You know, things like, it is likely to rain today, 11% of people are left-handed, are all statistics. It’s an array of knowledge and procedures that allow you to learn from data reliably.
Statistics produces accurate results. Statisticians ensure the appropriate methods to provide reliable and error-free results. These methods include:
* Producing reliable data.
* Analyzing the data appropriately.
* Drawing reasonable conclusions.
Data Mining:
Statistics is widely used in the latest industry trend that is Data mining, the process of finding patterns and correlations within large data sets.
Data
Data is a collection of facts viz, numbers, words, objects, measurements, observations, etc.
Types of Data-
1. Qualitative data- is descriptive data.
* Example- She can run fast. He is thin.
2. Quantitative data- it is numerical information.
* Example- An Octopus is an eight-legged creature.
Types of quantitative data
1. Discrete data- has a particular fixed value. It can be counted. Example: days of the week
2. Continuous data- not set but has an infinite no. of values. It can be measured. Example. temperature
Representation of Data is widely used in the business field. Without putting a chart for the sales last year, you would have no idea about the target this year. This is where statistics play a role.
Bar Graph
A Bar Graph represents data with rectangular bars with lengths proportional to the values. The bars can be plotted vertically or horizontally.
Pie Chart
A type of graph in which a circle is divided into Sectors or slices to illustrate the proportion of the whole.
Line graph
A graphical display of information plotted against time.
Pictograph
A pictorial representation of a word or phrase using images. i.e., showing data with the help of pictures.
Example: Pictures used in public toilets to distinguish male and female
Histogram
A diagram is consisting of rectangles whose area represents the distribution of numerical data. It consists of intervals and groups numbers into ranges.
Frequency Distribution
The frequency of data is often represented by “f.” A frequency table is constructed by tabulating the data values in ascending order of magnitude with their corresponding rates.
Applications of Statistics:
Statistics play a vital role in every field. Statistics help in determining the current position of per-capital income, population growth rates, gender ratio, disease affected rates, etc., in a country.
Now statistics play a significant role in almost every field, including industry, sales, commerce, trade, physics, marketing, economics, mathematics, psychology, astronomy, etc. The application of statistics is extensive. Now we shall discuss some necessary fields in which statistics are most commonly applied.
Listed below are the essential areas where Statistics is used.
(1) Business
(2) Economics
(3) Mathematics
(4) Banking
(5) Administration
(6) Accounting and Auditing
(7) Natural and Social Sciences
(8) Astronomy
A large number of statistical methods like probability, averages, deviations, summation, estimation, etc., are used in mathematics. Different techniques of pure mathematics like integration, differentiation, and algebra are also used in statistics. Statistics play an important role in banking too.
To conclude, Statistics is one of the essential mathematical disciplines that should not only be learned but also mastered.
Want to be a business magnet?
Statistics is all you need.
