Statistics and Its Concepts

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Statistics and Its Concepts Supporting
Your Academic Work
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What Do You Understand By Statistics?
Statistics is said to be the branch of applied
mathematics that is used in different
sectors. It is used for collecting, analyzing,
and inference the conclusion from the
quantitative data. You might even need the
statistics assignment help to cover the range it
offers. The diversity it has is been used by a
different field. And this is why statistics have
been divided into types.
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Type of Statistics
Two major types of statistics is been used for ana
lyzing different functions. The first one is desc
riptive statistics and it focuses on three differe
nt functionalities supported by the
statistics. Central tendency, variability, and
distribution of the sample data is been
performed under this type of statistics. The
second type of statistic is known as inferential
statistics. It is the type that is been used as
a tool by statisticians. This type can work with
a large group of data. It is used to conclude the
characteristics of any sample population
participating in any survey or study.
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How Is Statistic Used In Economics And Finance?
We have mentioned earlier also that statistics
are used n different sectors. Economics and
finance also use it for various
functions. Economists use it for collecting and
looking into the different data talking about
the inflation growth to GDP growth. In finance,
the investors use statistics for collecting the
data related to the industries, market data for
price and volume of the different products,
sentiments, etc. In both fields, inferential
statistics are used following the concept of
econometrics. Econometrics is a whole new level
of concepts that you might need assignment help
to understand thoroughly.
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