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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