Statistics is what helps us understand numerical data. Statisticians collect, classify, and interpret data. Today statistics plays its role in almost everything we do. That’s why it is important for almost everyone to have a basic knowledge of statistics. To help out all the beginners looking for basic statistics meaning, below we have given some of the basic information regarding what is statistics and why it is important in our life.
How many calories did we intake every morning for breakfast? What distance from home did everyone travel today? To understand all these things, some tools and methods of thinking are required. The mathematical branch called statistics is what helps us in dealing with such kinds of problems.
What is Statistics?
Statistics is a branch of mathematics that includes quantitative data collection, explanation, interpretation, and conclusions. it is a set of tools that helps people understand the meaning of quantitative data. Differential and integral algebra, linear algebra, and probability theory largely depend on the mathematical theories underlying. In general, these are associated with deciding how to draw correct results regarding huge numbers and general phenomena from the measurable properties of small samples containing either a small part of the large group or a restricted number of general phenomenon cases.
Basic terminology:
- Population :
It is a collection of a set of people or things or events whose properties are to be examined.
● Sample :
It is the subset of a population.
Types Of Statistics
it is basically categorized in two types:
● Descriptive statistics
Descriptive statistics are one way to analyze the data. The objective here is to determine quantities that explain our data. To imply the data average or center, numbers are known as mean, median and mode are used. The variation and standard deviation(SD) are used to inform how the data is spread out. More complex methods, such as correlation and regression, define paired data.
● Inferential Statistics
This type of statistics is utilized to describe the meaning of Descriptive statistics. That means that we are using these statistics to explain the collected data’s value after the data has been collected, analyzed, and summarized. Inferential statistics is a tool that allows one to use data obtained from a survey to make a population’s choices, forecasts, or assumptions. It allows us permission to send statements that go beyond the evidence or data given.
Importance for Statistics
The importance of statistics is huge but to be more precise about it’s importance in our life, here are significant reasons why it is important for everyone to learn this:
In Planning
Statistics play a crucial role in making plans. Without this, the plan can’t be achieved. At the level of business planning, finance, and management, statistics benefit people. In modern times, making plans is significant, because it is not possible to achieve something without planning. And almost every government or private sector uses to produce their strategic plan and prepare it.
In Forecasting
Another place where statistics plays its role is whether forecasting. Everyone is watching the weather reports. Have you ever wondered how someone is getting that information? There are several models of computers based on statistical principles. These computer models compare past weather with the present weather and forecast future weather.
In Mathematics
Statistics are an important sub-part of mathematics. In easy terms it entirely relies on mathematics. But now, it is being translated into a systematic mathematics theory of integration and estimation. In computational mathematics, complex statistics are used. And therefore it is essential to research statistics, along with mathematics. It is also play an important part in the mathematics of businesses, too. So many mathematical concepts are significant in business and accountancy.
In economics
Another place where statistics is used extensively is economics. Statistics play a crucial role in learning economics since more than half the economic components are based on numerical. In short, one must have knowledge of statistics in order to comprehend economics numerals. Both statistics and Economics are connected. The advent of advanced stats has brought new techniques to make specific use of statistics in economics. Nearly every economics branch uses statistics, i.e. development, delivery, consumption, public finance. All these kinds of economic use statistics for estimation, performance, analysis, and so on.
In health sector
Statistics also plays a crucial role in the health sector. It helps the doctor to learn and manage patient data, but the World Health Organization still uses statistics to produce its financial statement on the world’s health statistics. According to statistics, several vaccines and anti-tide were developed by medical science to combat against different types of diseases.
In estimating how many overall cases there are in the country, many nations have the corona’s infected cases, and much more, statistics play a key role, as you have seen in the COVID 19 pandemic. Everything this is true thanks to statistics.
In programming
Some of you may not be aware that statistics play a significant role in programming also. Today, the base of many high-level programming languages is statistics. In order to expand their Python careers many Python programmers study statistics. It is basis of machine learning(ML) and artificial intelligence(AI). Without this, it is not viable to get a strong command of these advancements. It also encourages programmers to enhance their programming logic. But the everyday practice of statistics requires improving the logic of programming. For some of the common programming languages, such as Swift, Java, C, and C++, statistics are used.
Conclusion
We have included the basic information regarding statistics. I hope you are cleared with the doubt of “what is statistics” and it’s importance . Statistics is utilized almost everywhere be it in mathematics or whether forecasting. There are many other uses of statistics but here we have included some of the important uses. That’s why it becomes important for almost everyone.
If you find this article helpful please let us know through the comment section.
