All Types of Statistics Terms That You Should Know

Statistics is one of the crucial subjects for students. Almost every student studied statistics in academic life. Therefore it becomes important that every student should be aware of the statistics terms. Most of the students need to know the common statistical terms.

On the contrary, if the students want to have a career in statistics or data science fields. Then they should know the basic statistical terms as well as the key terms in statistics. Apart from that, they should also be well aware of other statistics terms too. Here in this blog, we are going to share with you all the terms used in statistics that you may not be well aware of. Let’s learn some of these terms. But before that, we discuss the overview of statistics.

What is Statistics?

Statistics refer to the systematic collection, representation, and organization of data to represent a meaningful outcome from the collected data. Statistics involves organization information in charts, graphs, and tabulation, etc. It helps in operating the data easily. It helps in the efficient management of numerical data and also its presence in an efficient manner. 

Let’s now start discussing about statistics terms.

What are Statistics Terms?

Statistics is generally divided into two parts; descriptive and inferential.

Descriptive Statistics: It deals with the description of the basic features of data. It is a simple description and supplements the interpretation of data. 

Inferential Statistics: It aims to obtain conclusions that affect future decision-making. 

However, terms related to statistics help in dealing with statistical texts. They contain complex phenomena into a single word that is easy to use. Relevant understanding of these statistics terms makes working in statistics. Thus, this blog explains the most common statistical terms, which are given below.

Basic Statistics Terms

Mean

Mean is a part of descriptive statistics. It is the average of the given data set. You can calculate the mean by adding all the data set values and then dividing the values’ sum by the number of values in the data set.

For example, if you have the students’ age data set, i.e., 16, 18, 17, 20, 15 years. In this case, you can calculate the mean by adding all the values, i.e., 86 years. And then, you need to divide it from the total number of values, i.e., 5. Now the mean is 86/5= 17.2 years.

Median

The median is the part of the central tendency. Median can be found by arranging the observations in order from the smallest to the most significant values. Median is the middle value of the data set. If the data set contains the odd numbers of observations, then the middle value automatically becomes the median.

On the other hand, if we have an even number of observations, the median is calculated by the average of the middle values. For example, the data set of students’ ages, i.e., 16, 18, 17, 20, 15 years. In this data set, the median is 17 years.

Mode

The mode is the value that appears most often in the given dataset. Mode value is more likely to be sampled from the given data set. For example you have a data set of 10 student’s age i.e. 13, 13, 14, 14, 15,16, 16, 16, 17, 17. Here in this given date, set 16 is the mode because it is occurring three times. 

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Advanced Statistics Terms

Significance

The significance in statistics is statistical hypothesis testing. It is less likely to occur and give the null hypothesis. It is one of the major statistics terms.

P-value

The P-value works as evidence against the null hypothesis. In other words, it is used to reject the null hypothesis. If you have a smaller p-value, then the null hypothesis would have stronger evidence to reject the null hypothesis. More often, the P-value is expressed in the form of decimal numbers. But if you cover these values into the percentage. Then you can easily understand that these values, i.e., 0.0452, are 4.52%.

Correlation

Correlation is one of the widely used statistical terms. In fact, it is the statistical technique Correlation is an analytical technique that is used to show the relationship between the pairs. We can get to know how strongly the pairs are related to one another with the help of correlation. For example, height and weight are related to each other. For instance, taller people would have a heavyweight than short people.

R-value

The r-value In statistics measures the strength and direction of the linear relationship between two different variables that are plotted on the scatterplot. The value of r is always between 1 and -1. You need to make sure that your correlation r-value is close to 1 or -1. In this way, it becomes easy to interpret r values.

Statistics key terms

Key terms in statistics are widely used for advanced statistics, especially in data science and big data analytics. Apart from that, the business analyst and data analyst use these key statistics terms to fulfill their daily tasks. Let’s have a look at the key statistics terms. Here we go:- 

Population

The population is statistics is the set of similar items and events that may have a similar interest to some questions and experiments. It can be a group of existing objects and a potentially infinite group of objects. It is one of the major advanced statistics terms.

Parameter

In statistics, the parameter is also known as the population parameter. It is the quantity of the population that we enter into the probability distribution of statistics. Apart from that, we can also consider it as the numerical characteristic of a statistical population. In other words, it uses quantitative characteristics of the population that you are going to use for testing.

Descriptive statistics 

It is the descriptive coefficient that is used to summarize the given data set. You can represent the entire data set or the sample to the data set. Descriptive statistics has two major parts i.e., the measure of central tendency and measure of variability. The sample mean, median, mode, standard deviation, correlation, and regression is the part of descriptive statistics.

Statistical inference

It is the process that uses data analytics to deduce the properties of the underlying distributions of statistics. We use it to conclude the given data set. There are four major types of statistics inference i.e., regression, confidence intervals, and hypothesis tests. 

Skew

The skew occurs when we have more scores toward one end of the distribution as compared with the other. Apart from that, the negative skew occurred when we have the scores clustered at the high end, and the fewer scored on the low end in a tail. On the other hand, if the distribution has a tail at the high end, you will have a positive skew.

Range

The range is widely used in statistics terms in research. It is the distance between the maximum as well as the minimum values of the distribution. It is one of the advanced statistics terms.

Variance

Statistics variance is simply the statistical average of the dispersion of scores in the statistics distribution. It is used with the standard deviation other than that it is not entirely useful in statistics. 

Standard Deviation

The standard deviation is the measure of the variation amount and the depression of a set of values. If the value trend is close to the set of the means, then the standard deviation would be low. On the other hand, if the value spread out over the wider range, there would be a high standard deviation. 

Data

Data is the set of observations that can be collected from various mediums. The data is divided into two parts i.e., the quantitative data and the qualitative data. Quantitative data can be measured easily because it has numeric values. It is further divided into two groups, i.e., the discrete and continuous data.

The discrete data are those data values where we know the exact number i.e., the number of students in the class. And the continuous data is where we don’t know the exact value of data i.e., the weight of the language. On the other hand, the quantitative data is not present in the numerical values i.e., the hobbies of a group of individuals. 

Probability

Probability is one of the major branches of mathematics. But it is the crucial term of statistics and widely used with advanced statistics. It is used to measure how likely the given event is going to occur. Probability is measured between the values 0 and 1. If the value is 0, then it is impossible for the event. And if the value is 1 then it is certain that the event will happen. There are various types of probability and probability distributions, and it is widely used in data science and big data analytics.

Conclusion

Let’s end this blog with these basic and critical statistics terms. We know that there are more statistics terms which you can find in statistics glossary i.e., various types of tests in statistics, ANOVA, MANOVA, theorems, and lots more. But here we have mentioned those statistics terms that will help you a lot with your statistics education as well as your profession.

If you still find it challenging to understand these statistics terms. Then you can get help from our statistics experts. They will help you to understand all these statistics terms.

Apart from that, they will also help you to get good command over these terms. Don’t miss the golden opportunity and grab the best deal now on statistics help for students from our best statistics homework help services at affordable prices.

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