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STATISTICS (Importance of Statistics (Statistics provides us different…
STATISTICS
DEFINITION
Statistics is a form of mathematical analysis that uses quantified models, representations and synopses for a given set of experimental data or real-life studies. Statistics studies methodologies to gather, review, analyze and draw conclusions from data.
TYPES
Descriptive Statistics, which summarize data from a sample using indexes such as the mean or standard deviation.
Inferential Statistics, which draw conclusions from data that are subject to random variation (e.g., observational errors, sampling variation).
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GLOSSARY TERMS
Alternative Hypothesis - is the hypothesis used in hypothesis testing that is contrary to the null hypothesis.
Continuous Variable- can take on an unlimited number of values between the lowest and highest points of measurement.
Deviation is a measure of difference between the observed value of a variable and some other value, often that variable's mean.
Discrete Variable is one that cannot take on all values within the limits of the variable.discrete variable is one that cannot take on all values within the limits of the variable.
Hypothesis testing is the use of statistics to determine the probability that a given hypothesis is true
Margin of Error - tells you how many percentage points your results will differ from the real population value.
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Importance of Statistics
- Statistics provides us different types of organized data with the help of graphs, diagrams and charts.
- The statistical methods helps us to research on different streams such as medicine, economics, business, social science and so on.
- Statistics comes handy while we do critical analysis.