(Must read: Importance of statistics for data science) The purpose of this exercise is to provide you with extensive discussion over diverse applications of statistical techniques. While addressing all sorts of data, statistics also involves planning of data accumulation in particular of designed surveys and experiments. The field of statistics demands a proper design of study, well-structured selection of data as sample, and implementation of appropriate statistical tests. In simplified expression, statistics encompasses collecting, organizing, analyzing data to derive insights from sample to whole population. (Related blog: Top statistical terms for machine learning) Therefore, statistics encloses a particular practice or compilation of methodologies (procedures, assumptions and expectations) that collect and analyze numerical form of data in order to extract interpretation and decision-making. The word “statistics has multiple meanings for different individuals”, such as,įor Students, statistics means grades and final exams scores.įor the banking community, statistics implies a customer will repay the loan.įor food and drug administrators, statistics follow the unsatisfactory influences on the particular population who consumed new drugs, and many more.
Is made up of a set of techniques for obtaining knowledge from incomplete data, from a rigorous scientific system for managing data collection, their organization, analysis, and interpretation, when it is possible to present them in numeric form.įrom ancient times, the field of statistics has experienced manifold transformations, the time when it was limited to accumulate information related to crime, military strength, population, wealth to the present time to meet each sphere of natural and human activity.