An Absolute Guide On Statistics And its Types
Are you familiar with the word Statistics? Of course, you are. We used to think of statistics as a complicated subject, like physics or and other subjects when we were in school. But we are going to understand how fascinating statistics areas are. It is an amazing topic that has multiple implications for real life. Also, it has different types which we are going to discuss in this article. Statistics play an important role when it comes to transforming the environment. Why do numbers play an enormous role in our lives? The mathematical equation that we have used to measure stuff is statistics. It keeps us updated about what’s happening in the world. Statistics are important because almost all the knowledge we need is mathematically identified with the aid of statistics nowadays.
Through this article, we are going to discuss what exactly is statistics and its different types.
What Is Statistics?
Statistics is a field of applied mathematics related to collecting data, study, analysis, and presentation. This mathematics area concerned with knowing how data can be utilized to solve difficult problems. Here are some of the examples of problems that can be done by utilizing statistics:
- A company has produced a drug that you think can cure cancer. Now the problem is how you are going to conduct a test to verify the drug’s effectiveness?
- The most advanced sales data have just come in, and your boss asked you to provide a management report on places where the company could grow its market. What are the things you are going to follow? What are the things you are not going to follow?
- You and your friend are at a baseball game, and he gives you a bet out of the blue that no side in the game can hit a home run. You gotta take the bet?
With the help of statistical techniques, you can easily solve these problems mentioned above. In the below sections, we will see a guide on statistics and different types.
Types of Statistics in Maths
Statistics are categorized into two types:
- Descriptive statistics
- Inferential statistics
- Descriptive Statistics:
The data is compiled by the given measurements in this type of statistics. Descriptive statistics use data that describes the population through mathematical calculation or table or graph. It gives a graphical summary of data. It is utilized for compiling objects, etc. There are two categories in this as below.
These types of statistics are a method of using charts, graphs, and summary steps to organize, interpret, and explain a set of data.
The measure of central tendency:
The central tendency measure is also recognized as summary statistics utilized to describe a particular value of a sample set or data set.
In statistics, there are three basic measures of central tendency, as explained below:
- Mean :
It is the measure of the average of all values in a sample set.
- Median :
It is a measure of the central value of a sample set. The data set is arranged from lowest to highest value and then finds the correct middle.
- Mode :
It is the value most often arrived in the sample set. The value repeated many times in the central set is the mode.
The measure of Variability:
The measure of Variability is also recognized as a measure of dispersion and utilized to explain Variability in population. In statistics, there are normally three measures of Variability, which we have discussed below:
- Range :
It is given the measure of how to separate values in the data set or sample set.
- Variance :
It simply represents how much casual variable delays from the expected value, and it is also measured as a square of deviation.
- Inferential statistics:
This type of statistics is applied to understand the meaning of Descriptive statistics. Once the data has been gathered, analyzed, and compiled, we use them to represent the collected data’s meaning. Or we can say it is utilized to gather the data that depends on random changes such as sampling variation, observational errors, etc.
Inferential Statistics is a method that enables us to use information obtained from a sample to make conclusions, predictions, or inferences from a population. It permits us to give statements beyond the available data or information—for example, deriving estimates from theoretical research.
Inferential statistics can be performed with the help of different steps as given below:
- Get and begin with a theory.
- Create a research hypothesis.
- Use variables
- Recognize the population to which we can use study matter.
- Form or make a null condition for these populations.
- Gather and gather a sample of children from the population and run the study.
- Then, conduct all statistical tests to define if the sample’s obtained characteristics are different enough from what would be expected under the null hypothesis to find and reject the null hypothesis.
The statistics world is much more interesting than we might think. It is much more than managing, examining, and understanding data. The emerging sequence of methods needs more statisticians than ever. Now that you know what statistics are and different types of statistics. It is so vast you can make it your career option. If you are good at mathematics, you can simply pursue it for your higher studies and become a statistician. A good statistician applies mathematical techniques to examine and evaluate data to conclude. If you need additional information like types of error in statistics you can take help from our statistician.