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Statistics The Study of Data

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Statistics The Study of Data

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  1. Statistics - The Study Of Data 

  2. Statistics refers to collecting, organizing, displaying, analyzing, interpreting and presenting the data. The study of statistics is applied in social, scientific and industrial problems. It deals with every aspect of data collection and planning of the same in terms of experiments and surveys. 

  3. Different Ways Of Collecting Data There are various ways of collecting data like: • Sampling- when the data can’t be collected, experimental designs and survey samples are created to collect data. • Experiments- The planning and designing of the experiment are the key aspects of getting a result out of the data collected.  • Observational studies- a survey is used to collect data and then is observed and analysed.

  4. Various Statistical Methods Used To Analyse Data Some methods used to analyses the statistical data are: • Descriptive statistics- the one that summarizes the features of the collected data • Inferential statistics- it refers to the testing of hypothesis and deriving data estimates • Exploratory data analysis- an approach used to summaries the main characteristics of the data collected 

  5. Well-known Statistical Tests There are some famous statistical tests that are looked upon while analyzing data: • Analysis of variance • Correlation • Chi-squared test • Factor analysis • Conjoint analysis • Time-series analysis • Regression analysis

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