Statistics
From Economypedia.com
Statistics as a subject refers to a set of mathematical analytical tools, which are used for interpreting and analyzing data (a collection of numerical observations). Statistics when referred to in a plural sense means data. Statistics makes use of different disciplines of mathematics like algebra, integral, and differential calculus. [1]
Statistics is the quantitative study and analysis of data. Statistics is used in many fields, including economics. A sound understanding of statistical methodologies and practices is key to interpreting quantitative results and data from empirical studies in economics.
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[edit] Statistics uses
Statistics as a data analytical tool is used widely in today's world. From advanced medical research, business, and economic activities to rocket science all make use of statistics. Any activity, which generates a wide array of observations can use statistical methods for analyzing, interpreting, and drawing inference from the same. Statistics also provides us with measures for tackling the inherent uncertainty in certain data.
Merely collection of data is not sufficient for gaining insight about a certain trait of a 'population'. Statistics teaches us how to properly source a sample (a subset of the whole population), conduct a test (hypothesis testing) and draw proper inference from it. It also provides a guiding parameter for determining the reliability of predictions. Whether for launching a new product or for conducting a clinical trial or for accessing government databases, statistics has its uses everywhere.
Census reports are examples of statistical data collection where complete enumeration method is followed ( a country's entire population is counted here). Scientific research, law to a child's compilation of cricket scores all involve statistics.
[edit] Statistical theories
Some key statistical theories include the following:
- Collection and presentation of data
- Measures of Central tendency
- Dispersion
- Time series analysis
- Sampling and inference
- Hypothesis testing
- Index numbers
- Vital statistics
- Correlation and regression
- Probability
- Theoretical distributions
It may be noted that Econometrics is a specialized branch of statistics, which deals with economic models on theories. An in depth knowledge of higher mathematics like matrices and determinants is needed for dealing with these simultaneous equation models. [2]
Statistical research is necessary to find the following types of data:
- GDP and GNP figures
- Gini coefficient
- Customer Satisfaction Indexes
- Quality of Life Indexes
- Kano analyses
- Consumer price index
[edit] References
[edit] External links
- Article in Unyt.edu.al
[edit] Further reading
- Article in Springer
- Opinion Survey Opinion surveys are a key means of gathering statistics for research
