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STATISTICS (Common Statistical Formulas (Statistical formulas are used to…
STATISTICS
What is Statistics?
Statistics, the science of collecting, analyzing, presenting, and interpreting data. Governmental needs for census data as well as information about a variety of economic activities provided much of the early impetus for the field of statistics. Currently the need to turn the large amounts of data available in many applied fields into useful information has stimulated both theoretical and practical developments in statistics.
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TYPES OF STATISTICS
Descriptive Statistics
In this branch of statistics, the goal is to describe. Numerical measures are used to tell about features of a set of data.
Inferential Statistics
Produced through complex mathematical calculations that allow scientists to infer trends about a larger population based on a study of a sample taken from it.Scientists use inferential statistics to examine the relationships between variables within a sample and then make generalizations or predictions about how those variables will relate to a larger population.