Reviewed by Jan 29, 2021| Updated on
Statistics is a class of mathematical study which will use representations, quantified models, and synopses for a given set of real-life studies and experimental data. Statistics will analyse and study methods to pool, analyse, and review so that a conclusion can be derived from a given set of data.
Some of the statistical steps include the following: obtaining mean, median, average, regression analysis, kurtosis, skewness, analysis, and study of variance.
Statistics is a term broadly used to describe a procedure which analysts make use of to mark a given set of data. If the given set of data relies on a sample of a greater population, then the analysts may go on to develop explications on the population mainly on the basis of the statistical results from the sample under consideration.
The statistical analysis covers the procedure of getting together and evaluating the data and then to summarise the same into a numeric format.
Statistics are made use of in several disciplines like business, psychology, humanities, government, physical science, social science, and manufacturing. Statistical information is collected through a sample procedure or other relevant methods.
Interferential statistics and descriptive statistics are the two types of statistical methods used to analyse data. Inferential statistics are made use of when the data is seen as a subclass of a certain population. Descriptive statistics are made use of to synopsise the data from a given sample by exercising the standard deviation or the mean.
Obtaining the mean is a procedure of calculating the mathematical average of two or more numbers. The mean for a certain set of numbers is computable in several ways. It includes the general arithmetic mean, which describes how well a certain commodity has performed over a given period of time. The geometric mean gives the representation of the performance of the portfolio of an investor in the same security over the same timeframe.