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Statistics is the scientific and mathematical analysis that uses quantified models, representations, etc. for collecting, interpreting, analysing and presenting empirical data. The presentation focuses on the significance of statistics, statistics as a career choice, varied career paths in statistics, various data types in statistics, etc.
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Statistics Statistics is the scientific study of collecting, interpreting, analyzing and presenting empirical data. www.homeworkjoy.com
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 www.homeworkjoy.com
Used in interpreting reliable conclusions • Helpful in medical studies • Used for quality testing • Used for collecting data in political campaigns www.homeworkjoy.com
Branches of Statistics It’s 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. www.homeworkjoy.com
Descriptive Statistics • This deals with the presentation and collection of data. It provides a brief summary of data in numerical or graphic form. www.homeworkjoy.com
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. www.homeworkjoy.com
Statistical data Data is the actual piece of information collected through studies conducted. It’s important to understand statistical data types because you can use certain statistical measurements only for specific data types. www.homeworkjoy.com
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 person’s gender, language, etc. there are two types of categorical data:- www.homeworkjoy.com
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. www.homeworkjoy.com
Numerical Data- this represents the data which have the meaning as a measurement like a person’s height, weight, etc. there are two types of numerical data:- www.homeworkjoy.com
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. www.homeworkjoy.com
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. www.homeworkjoy.com
Varied Career positions in statistics There are numerous career paths for a statistics major student can get withhold of these days. For example, • Statistician • Biometrician • Mudlogger • Royalty Calculation Analyst • Scientist • Actuary • Senior Quantitative Analyst • Data scientist • Brand Optimization Analyst www.homeworkjoy.com
