Definition: - A science dealing with the collection, analysis, interpretation, and presentation of numerical data.
Like almost all fields of study, statistics has two aspects:
· Theoretical and
Theoretical or mathematical statistics deals with the development, derivation, and proof of statistical theorems, formulas, rules, and laws.
Applied statistics involves the applications of those theorems, formulas, rules, and laws to solve real- world problems.
Example of statistics: - We may make some decisions about the political views of all college and university students based on the political views of 1000 students selected from a few colleges and universities.
Other example could be as we want to know the expected value and probability of shares of a company.
Use of statistics: - Following are the importance of statistics in some different sectors and disciplines.
1) Statistics and planning: - Statistics is indispensible to planning.
In the modern age which is termed as “the age of planning”, almost all organizations in the government or managements of business are restoring to planning for efficient working and for formulating policy decisions.
2) Statistics and Mathematics: - Statistics is a branch of applied mathematics which specializes in data.
3) Statistics and economics: - Statistical data and techniques of statistical analysis have proved immensely useful in solving a variety of economic problems, such as wages, prices, consumption, production, distribution of income and wealth etc.