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Statistics and Life
Statistics and Life
By the 18th century, the term statistics designated the systematic collection of demographic and economic data by states. For at least two millennia, these data were mainly tabulations of human and material resources that might be taxed or put to military use. In the early 19th century, collection intensified, and the meaning of "statistics" broadened to include the discipline concerned with the collection, summary, and analysis of data. Today, data is collected and statistics are computed and widely distributed in government, business, most of the sciences and sports, and even for many pastimes.
What is Statistics ?
What is Statistics ?
Statistics is a branch of mathematics dealing with data collection, organization, analysis, interpretation and presentation. In addition to being the name of a field of study, the word "statistics" also refers to numbers that are used to describe data or relationships.
Importance
Importance
Statistical knowledge helps you use the proper methods to collect the data, employ the correct analyses, and effectively present the results. Statistics is a crucial process behind how we make discoveries in science, make decisions based on data, and make predictions.
Types of Statistics
Types of Statistics
Two types of statistical methods are used in analyzing data: descriptive statistics and inferential statistics. Descriptive statistics are used to synopsize data from a sample exercising the mean or standard deviation. Inferential statistics are used when data is viewed as a subclass of a specific population.
Why do we study statistics?
Why do we study statistics?
To summarize, the five reasons to study statistics are to be able to effectively conduct research, to be able to read and evaluate journal articles, to further develop critical thinking and analytic skills, to act a an informed consumer, and to know when you need to hire outside statistical help.
What is the purpose of Statistics ?
What is the purpose of Statistics ?
The purpose of statistics is to allow sets of data to be compared so that analysts can look for meaningful trends and changes. Analysts review the data so that they can reach conclusions regarding its meaning. Statistics allow people to see how things are or are not correlated and how a change in one variable might affect another.
Statistics are used by marketing firms, companies that delve in the financial world, researchers, manufacturing organizations and government groups. Without statistics, the numerical information collected is useless. A goal of statistics is to find meaning in the provided data and determine what variations are meaningful and which ones occur merely by chance.
Understanding statistics helps people determine the meaning of statistics in the news and other fields. Knowing that one outlier can skew averages is important, and understanding the margin of error is essential when dealing with relatively small effects. News organizations and other entities have been known to release deceptive data; learning how data can be misused is essential for determining what to believe.
What is interesting about Statistics ?
What is interesting about Statistics ?
Statistics are the sets of mathematical equations that we used to analyze the things. It keeps us informed about, what is happening in the world around us. Statistics are important because today we live in the information world and much of this information's are determined mathematically by Statistics Help.
What are the role of Statistics in real life ?
What are the role of Statistics in real life ?
Medical Study: Statistics are used behind all the medical study. Statistic help doctors keep track of where the baby should be in his/her mental development. Physician’s also use statistics to examine the effectiveness of treatments.
Weather Forecasts: Statistics are very important for observation, analysis and mathematical prediction models. Weather forecast models are built using statistics that compare prior weather conditions with current weather to forecast future weather conditions.
Quality Testing: A company makes thousands of products every day and make sure that they sold the best quality items. For a company it is not possible to test each product. So the company uses quality test with the help of statistics.
Stock Market: The stock market also uses statistical computer models for stock analysis. Stock analysts get the information about economy using statistics concepts.
Consumer Goods: Retailers keeps track of everything they sell and to know the stock using statistics. Worldwide leading retailers use statistics to calculate what products ship to each store and when.
References
References
Fundamentals of Statistics, Volume 1 and 2 byA.M. Goon, M.K. Gupta, B. Dasgupta
An Outline of Statistial Theory, Volume 1 and 2 byA.M. Goon, M.K. Gupta, B. Dasgupta
Fundamentals of Mathenatical Statistics by S. C. Gupta, V. K. Kapoor
Introduction to Mathematical Statistics by Robert V. Hogg. , Allen T. Craig
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