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What is statistics?
The study of data collection,
analysis, interpretation, and presentation is known as statistics, and it
involves a wide range of methods and strategies. To use statistical approaches
effectively in a variety of domains and applications, one must have a solid
understanding of the many forms of statistics.
Different types of statistics
Following are the details of different
types of statistics discussed below-
I.
Descriptive Statistics
·
A dataset's features can be summarized
and described using descriptive statistics techniques.
·
Measurements of distribution (range,
variance, standard deviation) and central tendencies (mean, median, mode) are
common descriptive statistics.
·
Descriptive statistics facilitate
initial evaluation and interpretation by offering perspectives on the
fundamental characteristics of data.
II.
Inferential Statistics
·
Using data obtained from samples in
order to derive conclusions about the population is known as inferential
statistics.
·
Analysis of variance, intervals of
trust, and testing for hypotheses are some of the methods used to extrapolate
results from a sample to the whole population.
·
Researchers may validate hypotheses,
generate forecasts, and determine the importance of links within data by using
inferential statistics.
III.
Probability
·
The theoretical foundation used to
measure unpredictability and instability is called probability.
·
Activities, sampling spaces, and
distributions of likelihood are some of the fundamental ideas in probability.
·
The basis for inferring probabilities,
making decisions in the face of insecurity, and simulating chaotic events is
probability theory.
IV.
Biostatistics:
·
The use of statistical techniques to
data pertaining to biology and wellness is known as biostatistics.
·
It includes methods like assessment of
survival, research studies, and demographic investigations.
·
In clinical studies, health
improvement initiatives, and the assessment of healthcare policies,
biostatistical tools are essential.
V.
Econometrics:
·
The math and statistics used to
economic data is known as econometrics.
·
It entails anticipating factors in the
economy, evaluating concepts in economics, and modeling and evaluating economic
linkages.
·
In fields including business
analytics, macroeconomics, and finance, econometric techniques are applied.
VI.
Evaluation of Time Series:
·
Analyzing time series data entails
looking at information gathered over a succession of time periods.
·
It contains methods for predicting
future prices, analyzing temporal relationships, and identifying patterns and
seasonality.
·
The fields of accounting, economics,
signal processing, and ecological science all make extensive use of time series
analysis.
Conclusion
To successfully employ statistical approaches in a variety of domains and
applications, one must have an excellent grasp of the many forms of statistics.
The field of statistics includes a wide range of approaches and methods, from
inferential statistics, which draw conclusions about populations, to
descriptive statistics, which summarize data.
Every branch of statistics like biostatistics, econometrics, and spatial
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