Introduction to statistics

Definition of statistics
Definition of statistics
• Statistics is the practice or science • Statistics is the study of data
of collecting and analysing collection, analysis,
numerical data in large quantities, interpretation, presentation,
especially for the purpose of
inferring proportions in a whole and organizing it in a specific
from those in a representative way.
sample.
• Statistics is the study of the
collection, analysis, interpretation,
presentation, and organization of
data. In other words, it is a
mathematical discipline to collect,
summarize data.
• Statistics is the branch of • Statistics involves techniques for
mathematics that deals with summarizing data, testing
collecting, analyzing, hypotheses, estimating
interpreting, presenting, and parameters, and making
organizing numerical data. predictions based on data
• It's a crucial tool for making samples.
informed decisions in various • It plays a significant role in
fields, from science and research, business analytics,
economics to social sciences and policy-making, and everyday
beyond. decision-making processes.
USES OF STATISTICS

• Statistics helps to obtain appropriate quantitative data.

• Statistics helps to present complex data for the simple and consistent
Interpretation of the data in a suitable tabular, diagrammatic, and
graphic form.
• Statistics helps to explain the nature and pattern of variability through
quantitative observations of a phenomenon.
• Statistics help to depict the data in tabular form, or in a graphical
form in order to understand it properly.
Applications of Statistics

• Statistics is used in;

i. Machine Learning and Data Mining.
ii. Mathematics.
iii. Economics.
iv. Government
v. Manufacturing etc.
Stages of Statistics

1. Collection of Data: This is the first step of statistical analysis where we collect
the data using different methods depending upon the case.(Qn. mention data
collection methods)
2. Organizing the Collected Data: In the next step, we organize the collected Data
in a Meaningful manner to it make easier to understand.
3. Presentation of Data: In the this step we simplify the data. These data are
presented in the form of tables, graphs(bar graphs, pie charts, line graphs,
column graphs etc.), and diagrams.
4.Analysis of the Data: Analysis is required to get the right results. It is often
carried out using measures of central tendencies, measures of dispersion,
correlation, regression, and interpolation. We use data analysis tools like SPSS,
MATLAB etc.
5.Interpretation of Data: In this stage, conclusions are enacted. Use of comparisons
is made. On this basis, forecasting is made.
Activity =stage3
• As an IT technician you have been assigned a task to
purchase computer laboratory equipment including 120
computers, 80 keyboards, 90 mouse, 70 power cables, 56
extension cables,10 blowers, 20 rolls of network cables, 150
RJ45, 20 testers.
Types of statistics
Descriptive statistics
• Descriptive statistics mostly focus on the central tendency,
variability, and distribution of sample data.
• Central tendency means the estimate of the characteristics, a typical
element of a sample or population. It includes descriptive statistics
such as mean, median, and mode.
• Variability refers to a set of statistics that show how much difference
there is among the elements of a sample or population along the
characteristics measured. It includes metrics such as range, variance,
and standard deviation.
• The distribution refers to the overall "shape" of the data, which can
be depicted on a chart such as a histogram or a dot plot, and includes
properties such as the probability distribution function, skewness,
and kurtosis.
• Descriptive statistics can also describe differences between observed
characteristics of the elements of a data set. They can help us
understand the collective properties of the elements of a data sample
and form the basis for testing hypotheses and making predictions
using inferential statistics.
Inferential Statistics
• Inferential statistics are tools that statisticians use to draw conclusions
about the characteristics of a population, drawn from the characteristics of
a sample, and to determine how certain they can be of the reliability of
those conclusions.
• Inferential statistics are used to make generalizations about large groups,
such as estimating average demand for a product by surveying a sample of
consumers' buying habits or attempting to predict future events. This might
mean projecting the future return of a security or asset class based on
returns in a sample p
• Regression analysis is a widely used technique of statistical inference used
to determine the strength and nature of the relationship (the correlation)
between a dependent variable and one or more explanatory (independent)
variables. eriod.
Key terms
Qn With an example on each explain the following as used in statistics;
i. Data
ii. Information
iii. Population
iv. Event
v. Sample
vi. Variable
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 as well.
Reference
• https://www.investopedia.com/terms/s/statistics.asp
• https://www.vedantu.com/maths/types-of-statistics