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what is statistics
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what is statistics Related: Definition - Meaning and Scope of Statist...
Statistics is a process of collecting, analyzing, interpretation of numerical data. It provides tools for prediction and forecasting. Statistics apply to a wide variety of academic disciplines. Statistics has been an integral part of almost fields. Whether its science, business, finance, economics or academic research, statistics play an important role.
Two Main Branches Of Statistics Are As Follows:
A. Descriptive Statistics
It is the way to summarize and interpret the collected data in the numerical or graphical form. Descriptive Statistics requires two types of statistical ideas. First is a measure of spread also called graphical summary. The graphical summary uses graphical representation to analyze data. Second is the measure of central tendency also called numerical summary. In the case of the numerical summary, mean, median, a mode is used to analyze the given data.
B. Inferential Statistics
Inferential statistics used to make an inference and describe the population. It is the study conducted for inferring or equating our data with the general conditions. So, this shows the difference between inferential statistics and descriptive statistics. Inferential statistics is used in the broader area of statistical study.
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what is statistics Related: Definition - Meaning and Scope of Statistics, Statistics for Economics?
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what is statistics Related: Definition - Meaning and Scope of Statistics, Statistics for Economics? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about what is statistics Related: Definition - Meaning and Scope of Statistics, Statistics for Economics? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for what is statistics Related: Definition - Meaning and Scope of Statistics, Statistics for Economics?.
what is statistics Related: Definition - Meaning and Scope of Statistics, Statistics for Economics? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about what is statistics Related: Definition - Meaning and Scope of Statistics, Statistics for Economics? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for what is statistics Related: Definition - Meaning and Scope of Statistics, Statistics for Economics?.
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