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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.
Applications of Statistics in Our Daily Life
There are various applications of statistics in real life, but here we have mentioned some of them. These are:
Forecasts
The collected figures help the researchers forecast something that can occur in the future. Depending upon what one faces in daily life, one makes predictions.
The accuracy of the prediction is based on various factors. When one does a forecast, one considers the outside or inside parameters that may influence one's future.
Scientists, artists, engineers, and practitioners utilize statistics to forecast coming events. For instance, doctors utilize statistics to know the process of a particular disease.
Engineers utilize statistics to consider their ongoing project's success and practice the collected data to determine how long it would take to produce a project.
Quality testing
Quality testing is one of the important uses of statistics in each area of life. Daily, we conduct quality tests to determine whether the purchase is accurate or not. We do an individual test of what we require to purchase to get the most relevant result.
Weather Forecasts
Have you ever wondered about how the government does weather forecasting? Well, this is the place where statistics play a significant role in weather forecasting.
The weather forecasting software depends on a set of statistical functions. The statistics function matches the weather situation with the previous recorded conditions and seasons.
Insurance
Insurance is one of the vast industries. There are many insurances, such as car insurance, life insurance, bike insurance, etc. The premium of each insurance depends on the statistics. Each insurance company practices the statistics data obtained from different homeowners, vehicle registration offices, drivers, etc. They take the details from all these sources and determine the premium amount accordingly.
Business Statistics
The large organization practices various market statistics and utilizes data examination methods like probability approximation and checks to direct sales in the future. Some methods are used for marketing statistics based on the mean, median, mode, bell curve, bar graphs, and basic probability. These can be applied for research queries related to customer service, employees, products, etc.
Statistics Assignment Sample and Student Feedback
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