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What is Statistics?
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The study of statistics deals with mathematics. It is a real study of data. It is a collection of data, organization, analysis, interpretation, and presentation and manage it to get a meaningful result to summarizing a complete set of data by collecting, verifying, analyzing, interpreting.
These fields provide knowledge to work quantitatively on the collected data. The number of the field where we can apply the knowledge of statistic is a technical and practical field. All the important field like Economics, Business, Science, and Research require knowledge of statistics for completion of the course.
The most important pillar to manage the large information quantitatively is the statistical calculation. Knowledge of statistics helps the nation and company in many ways.
Here are the important points that reflect the reason for studying statistics in college and university:
- The studying of statistic helps us to conduct our research task or projects carefully and logically with the use of the statistical tool. So we can decide by interpreting the collected data logically with the use of the statistical tool.
- For the development of critical thinking and skill, he has study statistic which also helps in the future.
- For proper evaluation of any information, basic knowledge required
- Knowledge of statistic is very important which help to understand articles that contain information regarding the statistic
Above a few points are very important that reflect the necessity of the study of the statistic in this century. This can always be an advantage for the student to build more skills.
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The two major branches of statistic are :
Descriptive statistics
It is the way to summarize and interpret the collected data in the numerical or graphical form. Descriptive Statistics requires two types of statistical ideas. First is a measure of spread also called graphical summary. The graphical summary uses graphical representation to analyze data.
Second is the measure of central tendency also called numerical summary. In the case of the numerical summary, mean, median, the mode is used to analyze the given data.
Inferential statistics
It is the study conducted for inferring or equating our data with the general conditions. So, this shows the difference between inferential statistics and descriptive statistics. Inferential statistics is used in the broader area of statistical study.
Hence, the method used in inferential statistics is the sample, testing of hypothesis, principal component analysis, and regression. Explaining it further with an example: If you need to calculate the marks of 150 students of a class, knowledge of Descriptive statistics can be applied but on the other hand if you want to calculate the marks of entire students of Australia, you need to apply the knowledge of Inferential statistics in which a correct sample from a particular population is drawn to get the result.
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