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Statistics

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Edison Batula
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10 views1 page

Statistics

Uploaded by

Edison Batula
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
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What Is Statistics?

Statistics is a branch of applied mathematics that involves the collection, description, analysis, and
inference of conclusions from quantitative data. The mathematical theories behind statistics rely heavily
on differential and integral calculus, linear algebra, and probability theory.

People who do statistics are referred to as statisticians. They’re particularly concerned with determining
how to draw reliable conclusions about large groups and general events from the behavior and other
observable characteristics of small samples. These small samples represent a portion of the large group
or a limited number of instances of a general phenomenon.

Key Takeaways

Statistics is the study and manipulation of data, including ways to gather, review, analyze, and draw
conclusions from data.

The two major areas of statistics are descriptive and inferential statistics.

Statistics can be communicated at different levels ranging from non-numerical descriptor (nominal-level)
to numerical in reference to a zero-point (ratio-level).

Several sampling techniques can be used to compile statistical data, including simple random,
systematic, stratified, or cluster sampling.

Statistics are present in almost every department of every company and are an integral part of investing.

Understanding Statistics

Statistics are used in virtually all scientific disciplines, such as the physical and social sciences as well as in
business, medicine, the humanities, government, and manufacturing. Statistics is fundamentally a
branch of applied mathematics that developed from the application of mathematical tools, including
calculus and linear algebra, to probability theory.

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