Statistics

STATISTICS

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Definition

·       It is a branch of mathematics that deals with the

§  Collection

§  Organizing

§  Analysis

§  Interpretation

§  & Presentation of the masses of numerical data.

·       A collection of quantitative data.

 

Characteristics

·       It should be expressed numerically just like the height of Abdullah is 6’1” makes the fact clear and easy to understand.

·       It is the collection of facts, and the facts can be related to a group or individual.

·       It is affected by a number of factors, causes and forces in a market which operates on the fact and figures in a group.

·       The main purpose of any scientific study is the first and most important step which helps to collect the data in a systematic manner.

·       Statistics are estimated according to reasonable standards of accuracy.

·       It should be placed in relation to each other.

·       Data collected without any purpose may not be appropriate and useful for a purpose decided later on.

 

Functions

·       To present the facts in a definite form.

·       Give accuracy to the facts

·       Formulation and testing of Hypothesis

·       Forecasting

·       Policy making

·       Enlarges knowledge

·       Measure Uncertainty

·       Reduce the complexity of data

·       Derives valid conclusion

·       Simplification of complex facts

·       Develop relationship between the facts

·       Indicate the behavior of the trends

·       Classification of data

·       Draw rational conclusion

 

Importance

·       Information can be collected in a standardized way

·       They can be analyzed relatively quickly

·       They are usually straight forward to analyze

·       Overcome the difficulties of encouraging participation by users

·       Often required and respected by decision makers, funders and government

·       Support qualitative data obtained from questionnaire

·       Very much useful for benchmarking purposes

·       Easy to construct, execute, compare and understand the systematic samples

·       Provide degree of control and sense of process

·       Can be used to determine validity, reliability and significance.

 

Limitations

·       Cannot study the nature of phenomenon which can’t be expressed in quantitative terms

·       It is a delicate science and can be misused by any unscrupulous person

·       Use of so many methods to find a single result can show variations

·       Results are not always beyond doubt because they are unable to give a complete solution to a problem

·       It does not deal with the isolated environment

·       Statistics are the collection of facts. So single observation is not a statistics it deals with group and aggregates only

·       Only a person who has an expert knowledge of statistics can handle the data efficiently

·       Errors are possible in statistical decisions, particularly in the inferential statistics

 

Types

·       Descriptive Statistics

o   A method of

§  Collecting (Surveys)

§  Organizing (Tables & Graphs)

§  Summarizing (Sample mean)

§  & describing the data from samples or populations

·       Inferential Statistics

o   A method consist of

§  Generalizing

§  Estimation

§  & Hypothesis testing to determine the relationships among variables and making predictions

 

Video Description 

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