Introduction to statistics

Statistics is a mathematical science that pertain the collection, presentation, analysis and an interpretation of data. Statistics has been used widely for understanding the complex problems of the real world and providing the well-informed decisions. There are several statistical algorithms that are used for analyzing the primary data which help in building the statistical model and later predicts the outcome.

Statistical & Non-Statistical Analysis

Here, we are going to discuss about two types of analysis. First is statistical analysis and another one is non-statistical analysis.

STATISTICAL ANALYSIS

Statistical analysis is also called β€˜Quantitative’ analysis. It is a science of collecting, exploring and presenting the large amounts of data to identify the patterns and trends.

NON-STATICTSICAL ANALYSIS

Another name of non-statistical analysis is β€˜Qualitative’ analysis. It basically provides generic information including text, sound, still images and moving images as well.

Although, both type of analysis provides results but statistics or quantitative analysis gives better insights and clearer picture. Otherwise, both these analysis play a vital role in the field of businesses.

Categories of Statistics

There are two main categories of statistics; Descriptive Statistics and Inferential Statistics.

DESCRIPTIVE STATISTICS

  • Descriptive statistics organize the data & concentrate on the main characteristics of the data.
  • Descriptive statistics provides the summary of data either numerically or graphically.
  • There are several numerical measures such as mode, average, standard deviation and correlation which are used to describe the features of data set.

INFERENTIAL STATISTICS

  • It generalizes the large amount of datasets and applies probability theory to draw a conclusion.
  • Inferential statistics allows you to infer the different parameters of population based on sample statistics and to model relationships within the data.
  • Modeling allows you to develop the mathematical equations that describe the interrelationships between two or more variables.

Statistical terms

There are various types of statistical terms that are mandatory in statistics. Some of the statistical terms are mentioned below:

  • Population
  • Sample
  • Variable
  • Quantitative Variable
  • Qualitative Variable
  • Discrete Variable
  • Continuous Variable

Types of statistical measures

Mention below are four types of statistical measures.

  1. Measures of frequency
  2. Measures of central tendency
  3. Measures of spread
  4. Measures of position

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