Do you know statistics helps us in weather forecasting? Yes! You read it right. The weather forecasting team uses various types of statistical tools to predict the weather. Just like this, there are different uses of statistics in our daily life. But do you know what statistics and their types are? If not, don’t worry! We will learn about this in this blog.
Yes, in this blog we will discuss the two main types of statistics. Descriptive Statistics and Inferential Statistics. We will also learn the difference between them. So, let’s start our discussion with the definition of statistics.
What is Statistics?
Statistics means “numerical data,”. It is a branch of mathematics that deals with data gathering, tabulation, and interpretation. It is a type of mathematical analysis that uses several quantitative models to generate a set of experimental data or real-world research.
Data gathering, analysis, interpretation, and presentation are all aspects of applied mathematics. Statistics is the study of how data may be utilized to solve issues. Statistics is also considered as a distinct mathematical science rather than a subject of mathematics.
Statistics make work simple and easy to understand. It gives you a clear image of the tasks you accomplish on a regular basis.
Basic Statistics Terminology
The term “population” refers to a group of people, objects, or events whose characteristics are being studied.
A sample is a dataset of a big size of population.
- Statistics is the study and data manipulation. It includes methods for data collection, examination, analysis, and conclusion.
- Descriptive and inferential statistics are the two main types of statistics.
- Business and investment decisions can benefit from the use of statistics.
Importance Of Statistics
- Statistics eases the process and provides a clear image of the work we accomplish on a daily basis.
- Statistical approaches enable us to investigate a variety of topics. It includes medical, business, economics, social science, etc.
- With the use of graphs, tables, diagrams, and charts, statistics provide us with many types of organized data.
- Statistics helps in the quantitative understanding of the variability of data patterns.
- Statistics enables us to understand large amounts of data in a straightforward manner.
- Statistics is a method of gathering accurate quantitative data.
Types Of Statistics
Descriptive statistics makes use of data to describe a population using numerical calculations, graphs, and tables. It presents data in a graphical format. It is simply used to summarise items. This is divided into two groups, as shown below.
The measure of Central Tendency
Summary statistics is another word for the measure of tendency. It represents the center point or a particular value of a data collection or sample.
The main three measures of central tendency in statistics. They are indicated below:
Mean is a technique for calculating the average of all values in a set of data.
Median is the data set. It is ordered from the lowest to the greatest value. And then the exact midpoint is identified.
Mode is defined as the value that is repeated the most in the data set.
Measure Of Variability
The measure of dispersion is the other term for Measure of Variability. It is a word used to describe the variability in a sample or population. There are three typical measures of variability in statistics. They are stated below:
The range indicates maximum value minus lowest value in basic terms.
The variance shows how far a random variable differs from its expected value.
Dispersion is a measure of how far a group of data is dispersed from its mean.
Inferential Statistics uses a sample of data from the population to make inferences and predictions about the population. It uses probability to draw a conclusion after generalizing a huge dataset. Its sole purpose is to clarify the meaning of descriptive statistics. Its only aim is to analyze, evaluate, and draw conclusions.
The following steps can be used to perform inferential statistics:
- Get a theory and begin with it.
- Make a hypothesis for your research.
- Variables should be operationalized or used.
- Identify or discover a population to which research materials may be used.
- For the population, create or build a null hypothesis.
- Collect a sample of youngsters from the general population and conduct the research.
- Then, conduct all statistical tests to see if the sample’s features are sufficiently different from what would be predicted under the null hypothesis. It allows us to detect and reject the null hypothesis.
Distinguish between Descriptive and Inferential Statistics?
The examples of descriptive statistics are mean, standard deviation, and frequency of a variable. It is used to describe or summarise the features of a sample or data collection. Inferential statistics, on the other hand, uses a variety of approaches to connect variables in a data set. Such as correlation and regression analysis. These can then be used to make predictions or determine causality.
So, in the above blog, we learned about the types of statistics. We learned what statistics is. We have also discussed the distinguish between descriptive and inferential statistics. I hope you understand this types of statistics blog well. The basics of statistics are important to learn for everybody. It helps in our day-to-day life. We will accomplish most of the tasks with statistics. So, all in all, statistics are very useful in our daily lives.