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What is Statistics?
Statistics refers to science as well as practice to develop human knowledge by using empirical data expressed in a quantitative form. It usually considers a different mathematical science slightly than a mathematics branch. Statistical analysis includes collecting and analyzing the data and formerly summarizing data into numerical form.
Statistics use tools for prediction and forecasting by using data and statistical models. The field is valid for various "academic disciplines" such as Insurance, Economics, and Finance.
Example of Statistics
To know about statistics adequately; let's read the example mentioned below"
Assume that we have to collect data from a thousand students group. The data we collect includes their marks in various subjects.
Now we need to determine how many students Population have obtained below-average grades. To complete this calculation correctly, we have to take the help of statistics.
Types of Statistics or Methods Of Statistics
Descriptive
This area is a way of summarizing and interpreting the collected data in a pattern form. But it narrows down to conclude the information we collected or presented. Henceforth, applying descriptive statistics needs two types of statistical ideas: first is the measure of the spread, known as a graphical summary.
The graphical summary practices the graphical image to analyze the data. Another idea is the measure of the central tendency, known as a numerical summary. In the numerical summary, the mean, mode, median, and quartile are used to analyze a given data.
Inferential
Inferential Statistics is a study for equating/inferring the data with general conditions. Thus, it shows a difference between descriptive statistics and inferential statistics. It is used in a wide area of statistical study. Henceforth, the method used is a testing hypothesis, sample, regression, and principal component analysis.
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Check Out Best Course Code Of Statistic Assignment For Students
Here are some of the best course codes of statistics assignments:
CES734 Assessment Answers
ECO 4000 Assessment Answers
FIN10002 Assessment Answers
MATH 171 Assessment Answers
MAT-FP2001 Assessment Answers
MAE102 Assessment Answers
STAT101 Assessment Answer
MATH219 Assessment Answer
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