Statistics, the mathematical science is one of the most valuable and critical subjects. It includes the process of data collection, proper organization of those data and scientific analysis of those to draw a correct and meaningful result. This analytical process is distinctly segmented in two categories
Descriptive statistics
This part deals only with perfect data processing form tables and graph but never take any performance to draw the meaningful conclusion. The data mainly comes from daily events like:
- People's income and expenditure
- Market price of different products etc.
Inferential statistics
It is the application part of statistics and it does the mathematical calculation with the given data to analyze and forecast the meaningful conclusion. This is used in every field such as business, in all the field of science, economics, engineering agriculture etc.
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Application of statistics
Statistics are applied in several sectors to derive accurate and meaningful result though data management and data analysis. The area of its application is:
- Natural science and social science
For proper study and development of nature and society
It is used to know the economy of a society, country and nation for developing a better condition,both for national and world economy.
- Several government sectors
To perfect analysis of economic condition and situation of a state and on the basis of that several strategies are applied.
Statistical analysis of market survey is an important activity of entire business house to realize the market condition and customer behavior. It helps them to take effective business strategies and action for making maximum profits and existing in long run.
- In mathematical calculation
It is used for number theory, for forecasting mathematical results etc.
- Developing several performance in art
For developing and examine scientifically the motion video graphy. Card tricks is a common application to derive any perfect prediction, it is also based on statistical method.
Important factors of statistics
Students who are studding Statistics or wish to study this branch of mathematics must be aware of few factors, which help them to cope-up the subject easily. And they are give4n below:
- Data which are used in statistical analysis vary due to different reasons so they are uncertain hence, statistical process can estimate only.
- Statistical models are developed by statistical method and technique and they perform as both inputs data and outputs data for analysis.
- All the analysis of statistics basically depends on matrix hence; computer is the best device for computation of data.
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