Statistics meaning can be summed up in the definition that it is a part of applied mathematics that involves the collection, analysis and interpretation of facts and figures. This subject uses various mathematical concepts like differential and integral calculus, linear algebra, and probability theory. People related to this field are more concerned about how to draw reliable conclusions based on the observations.
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They can conduct various studies on people or events to understand the behavior and other observable characteristics of small samples. Statistics meaning can be divided into two types. These two branches are:
- Descriptive statistics: This branch of statistics deals with the properties of samples and population data. Some of the concepts used in this statistics are central tendency, variability, and distribution of sample data.
- Inferential statistics: This branch of statistics uses descriptive statistics to test hypotheses and draw conclusions.
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Some common statistical tools that can be used to study the samples are:
- Linear regression analysis
- Analysis of variance
- Null hypothesis testing
Statistics are used in every business and non-business scenario to understand the behavior of the consumers and other stakeholders. Moreover, it also shows if a business unit is performing up to the expectations. Various businesses, production and manufacturing houses, government organizations, and humanities fields use this discipline to get insight into the problems in their industries. Statistics meaning and its application helps us understand the behavior and characteristics of a population based on the studies done on a small sample. Students can make a career in this field by studying BSc Economics.
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