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Statistics

Statistics is a broad subject and has applications across different fields. It is a methodology for collecting, analysing, interpreting and drawing conclusions from available data. It can be considered as a science from which numerical and categorical data can be made.

The basic concepts of statistics include Population and Samples. “A Statistical Population is the set of measurements (or record of some qualitative trait) corresponding to the entire collection of units for which inferences are to be made”. A sample is taken from a statistical population. It is the set of measurements that are actually collected in the course of investigation.

There are two types of statistics. Descriptive Statistics involves summarisation & description of data and consists of methods used for organising & summarising information. Some of the methods used in Descriptive Statistics include graphs, charts, tables, averages, measures of variation and percentiles. They do not involve generalising beyond the data already collected. In Inferential Statistics, sample data is used for making an inference about the population. Methods used in this include point estimation, interval estimation and hypothesis testing on the basis of probability theory.

Variable is a characteristic that varies from one person or thing to another and can be collected in two forms that are either quantitative or qualitative. Variables are described according to the Scale, which gives a certain structure and meaning to the variable.

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