ABOUT STATISTICS
- 2. Statistics Statistics is the scientific study of collecting, interpreting, analyzing and presenting empirical data. www.homeworkjoy.com
- 3. Importance of Statistics •Helps in weather forecasting •Used by researchers t collect relevant data •Used by business firms to calculate risks related to insurance •Used in the investment market www.homeworkjoy.com
- 4. •Used in interpreting reliable conclusions •Helpful in medical studies •Used for quality testing •Used for collecting data in political campaigns www.homeworkjoy.com
- 5. Branches of Statistics It’s important to study the branches of statists to get a holistic point of view for the whole concept. Statistics deals mainly in two branches i.e. Descriptive Statistics and Inferential Statistics. www.homeworkjoy.com
- 6. Descriptive Statistics •This deals with the presentation and collection of data. It provides a brief summary of data in numerical or graphic form. www.homeworkjoy.com
- 7. Inferential Statistics •This deals with the study of drawing valid conclusions from the statistical analysis performed using descriptive statistics .it is mostly used to make an inference and describe the population. www.homeworkjoy.com
- 8. Statistical data Data is the actual piece of information collected through studies conducted. It’s important to understand statistical data types because you can use certain statistical measurements only for specific data types. www.homeworkjoy.com
- 9. Most data are categorized under two categories i.e. numerical data and categorical data. •Categorical Data- this represents the data related to characteristics like a person’s gender, language, etc. there are two types of categorical data:- www.homeworkjoy.com
- 10. •Nominal data-theses values represent label units and discrete values that have no quantitative value. www.homeworkjoy.com •Ordinal Data- these data represent numerically and ordered units. These values are ordered.
- 11. •Numerical Data- this represents the data which have the meaning as a measurement like a person’s height, weight, etc. there are two types of numerical data:- www.homeworkjoy.com
- 12. •Discrete Data- the data in which values are separated and discrete. These values can be easily counted. www.homeworkjoy.com •Continuous Data- the data in which values cannot be counted, but are measured. It generally represents measurements.
- 13. The Categorization of data types is important as you can only use a certain measurement tool for a particular type of data. The distinction of numerical data and categorical data are done for drawing valid conclusions and for having a reliable analysis. Thus, knowing the types of data you are dealing with enables you to choose the correct method of analysis. www.homeworkjoy.com Why data types are important?
- 14. www.homeworkjoy.com Varied Career positions in statistics 1. Statistician 2. Biometrician 3. Mudlogger 4. Royalty Calculation Analyst 5. Scientist 6. Actuary 7. Senior Quantitative Analyst 8. Data scientist 9. Brand Optimization Analyst There are numerous career paths for a statistics major student can get withhold of these days. For example,