ABOUT STATISTICS

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Statistics
Statistics is the scientific study of collecting,
interpreting, analyzing and presenting empirical
data.

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Importance of Statistics

• Helps in weather forecasting
• Used by researchers t collect relevant data
• Used by business firms to calculate risks related
  to insurance
• Used in the investment market

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• Used in interpreting reliable conclusions
• Helpful in medical studies
• Used for quality testing
• Used for collecting data in political campaigns

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Branches of Statistics
Its important to study the branches of statists
to get a holistic point of view for the whole
concept. Statistics deals mainly in two branches
i.e. Descriptive Statistics and Inferential
Statistics.
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Descriptive Statistics

• This deals with the presentation and collection
  of data. It provides a brief summary of data in
  numerical or graphic form.

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Inferential Statistics

• This deals with the study of drawing valid
  conclusions from the statistical analysis
  performed using descriptive statistics .it is
  mostly used to make an inference and describe the
  population.

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Statistical data
Data is the actual piece of information collected
through studies conducted. Its important to
understand statistical data types because you can
use certain statistical measurements only for
specific data types.
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Most data are categorized under two categories
i.e. numerical data and categorical data.

• Categorical Data- this represents the data
  related to characteristics like a persons
  gender, language, etc. there are two types of
  categorical data-

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• Nominal data-theses values represent label units
  and discrete values that have no quantitative
  value.

• Ordinal Data- these data represent numerically
  and ordered units. These values are ordered.

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• Numerical Data- this represents the data which
  have the meaning as a measurement like a persons
  height, weight, etc. there are two types of
  numerical data-

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• Discrete Data- the data in which values are
  separated and discrete. These values can be
  easily counted.

• Continuous Data- the data in which values cannot
  be counted, but are measured. It generally
  represents measurements.

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Why data types are important?
The Categorization of data types is important as
you can only use a certain measurement tool for a
particular type of data. The distinction of
numerical data and categorical data are done for
drawing valid conclusions and for having a
reliable analysis. Thus, knowing the types of
data you are dealing with enables you to choose
the correct method of analysis.
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Varied Career positions in statistics
There are numerous career paths for a statistics
major student can get withhold of these days. For
example,

1. Statistician
2. Biometrician
3. Mudlogger
4. Royalty Calculation Analyst
5. Scientist
6. Actuary
7. Senior Quantitative Analyst
8. Data scientist
9. Brand Optimization Analyst

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