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Understanding Statistics: Types & Importance

Statistics is a branch of mathematics concerned with collecting, analyzing, and interpreting numerical data to draw inferences based on probability. It uses aggregates of large data that tend to behave predictably. Statistics has two main subdivisions: descriptive statistics, which uses measures to summarize and describe samples of data; and inferential statistics, which allows conclusions to be made beyond the immediate data through the use of hypotheses. Statistics is an important tool that helps create understanding from numbers and is widely used in fields like business, economics, and banking.

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94 views2 pages

Understanding Statistics: Types & Importance

Statistics is a branch of mathematics concerned with collecting, analyzing, and interpreting numerical data to draw inferences based on probability. It uses aggregates of large data that tend to behave predictably. Statistics has two main subdivisions: descriptive statistics, which uses measures to summarize and describe samples of data; and inferential statistics, which allows conclusions to be made beyond the immediate data through the use of hypotheses. Statistics is an important tool that helps create understanding from numbers and is widely used in fields like business, economics, and banking.

Uploaded by

Michael Jim Dacutanan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

WHAT IS STATISTICS

—Branch of mathematics concerned with collection, classification, analysis, and interpretation


of numerical facts, for drawing inferences on the basis of their quantifiable likelihood
(probability). Statistics can interpret aggregates of data too large to be intelligible by ordinary
observation because such data (unlike individual quantities) tend to behave in regular,
predictable manner. It is subdivided into descriptive statistics and inferential statistics.
—Statistics is a tool for creating an understanding from a set of numbers
— A descriptive measure of a sample

EXAMPLE:

NATURE OF STATISTICS
Descriptive Statistics

Descriptive statistics is the term given to the analysis of data that helps describe, show or
summarize data in a meaningful way such that, for example, patterns might emerge from the
data. Descriptive statistics do not, however, allow us to make conclusions beyond the data we
have analysed or reach conclusions regarding any hypotheses we might have made. They
are simply a way to describe our data.

Inferential Statistics

We have seen that descriptive statistics provide information about our immediate group of
data. For example, we could calculate the mean and standard deviation of the exam marks
for the 100 students and this could provide valuable information about this group of 100
students. Any group of data like this, which includes all the data you are interested in, is
called a population. A population can be small or large, as long as it includes all the data you
are interested in

IMPORTANCE OF STATISTICS

Statistics is very important in many field, in accounting, business , economics,


banking and many more. This helps really a lot in everyday lives.

4. TERMINOLOGIES
CHAPTER 2:
Quantitative data are measures of values or counts and are expressed as numbers.

Quantitative data are data about numeric variables (e.g. how many; how much; or how
often).

Qualitative data are measures of 'types' and may be represented by a name, symbol, or
a number code.

Qualitative data are data about categorical variables (e.g. what type).

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