Statistics is a wonderful field of study which encapsulates collecting numerical data to infer proportions. It is widely used in every aspect of human life and has a ubiquitous presence.
It requires analyzing, interpreting and presenting empirical data. It happens to be an interdisciplinary field which has two important ideas namely uncertainty and variation.
Interestingly, probability plays an important role in this discipline which discusses uncertain events.
In a layman language, it can be explained as the scientific application of mathematical principles to conduct various experiments and make plausible observations.
In addition to this, the interesting facts about the world are all computed through statistical methods which make it a wonderful and intriguing place to live.
Without a doubt, statistical information is highly reliable as it provides a fair idea of the world we live in. It uses quantitative methods to derive results and reach plausible conclusions.
It provides a simple, diagrammatic representation of mind-boggling concepts and incomprehensible information. Moreover, a pattern of events can be comprehended through this approach.
Features of statistics
There are innumerable features of statistics which have been enlisted by renowned statisticians.
A statistical study must consist of a useful aggregate of certain facts. The effect of all factors has to be studied while establishing statistical information/data. It simplifies huge chunks of data and makes it easy to remember.
In addition to this, it must be numerically expressed so that the measurement or data counting can be done. Correct estimation and enumeration is the cornerstone of any statistical data. It classifies data according to similar properties and establishes a method to solve hypotheses.
The units of measurement must be precise and the data must be comprehensible and meaningful.
Systematic collection of data makes it easy to organize and assess. A well-planned collection of data makes it reliable and easy to get correct results.
Before collecting data, a statistician must have a clear pre-determined purpose. Another pointer to keep in mind while accumulating data is to make it suitable for comparison. People should be able to make a homogeneous comparison among things.
Fundamental principles of statistics
Methods must be used which are grounded in theory or extensive simulation. It is imperative to understand the importance of uncertainty.
In addition to this, it is necessary to design experiments to maximise information. A person must understand the measurements he/she is analyzing and question the underlying information which was postulated.
There must be more emphasis on questions and estimations. A statistician should strive for optimal quantification of evidence. Things must not be taken on their face value instead questions and arguments must be included to refine the information.
Types of Statistical Methods
There are numerous statistical methods which are elaborated upon. These methods help assimilate and sort data according to specific needs.
- Descriptive Method
This group of methods includes the preliminary steps from final analysis and interpretation. The approach includes methods of tabulation, measures of central tendency and measures of dispersion.
In addition to this, a certain amount of data is summarized and interpreted through this method.
- Analytical Method
This statistical method includes analysis and comparison between two or more variables. Correlation, regression analysis and association of attributes are the steps used in the approach.
- Inductive Method
It includes generalization or estimation over random partial data. The procedures of interpolation, extrapolation and theory of probability are used in this statistical method.
- Inferential Method
In this approach, inferences are drawn about the population characteristics. It consists of the theory of sampling, different tests of significance and statistical control.
- Applied Method
In this method, the statistician applies procedures which are applied to real-life problems. This method encompasses statistical quality control, sample survey, linear programming and inventory control.
In detailed, you can visit here to understand the statistical topics easily.
Statisticians with a great repertoire of skills!
Statisticians act as guides who navigate through common problems and provide clear and correct conclusions. These professional people help improve the quality of product escalating the development.
To become a statistician, it is important to have a Master’s degree in Statistics or Mathematics. In addition to this, a person must have some years of experience which chisel his/her abilities and repertoire of skills.
It is also necessary for a person to undergo some training to become adept in the field of statistics. Also, good communication skills and efficient research skills are an icing on the cake.
Importance of statistics
The field of statistics exercises a great importance in our daily lives. The simple tasks of our mundane lives are incomplete without the help of statistics. It constitutes an integral part of all important disciplines and fields of study.
It helps make important scientific discoveries based on predictions and data collection. Moreover, statistics help a layman to understand a subject with great insight and also be familiarized with the intricacies.
It has become important to properly assess the quality of analyses and present valuable inferences.
It leads to the creation of new knowledge and avoids pitfalls. It is also found out that statistics chisel the rational ability and power of reasoning among individuals. It keeps potential problems and analytical errors at bay which arise while computing data.
Interestingly, statistics helps in determining the existing per capita income, unemployment, schooling and medical facilities in the country. It plays a phenomenal role in various organizations.
The area of education and school
Statistics is important in the educational field as it helps in making organizational and curriculum decisions.
It is used for developing test scores to gauge the quality of the teachers and their pedagogical practices. Through a survey, teachers would be motivated to change their teaching styles. They can overcome their shortcomings and become adept at teaching new concepts with ease.
While assessing the performance of students, a variety of statistical methods are used. It is an important parameter to check the various types of intelligence students possess. A precise description of each child based on his/her learning styles and performance would provide room for self-improvement.
Moreover, the learning and teaching process becomes more interesting and engaging. People can imbibe good qualities form each other and set achievable goals to perfect themselves.
Interestingly, statistics improves the organization of thoughts. By reading simple and organized information, a person becomes more clear about his/her intentions leaving no room for unproductive and baseless thoughts.
The field of Medical Research
Statistical methods are used in medical research to solve investigations. This helps make plausible inferences of medical experiments. In addition to this, the causes and treatment of several diseases can be found out with proper statistical procedures.
It can also help people deal with their health issues and adopt a healthy lifestyle. The cure to deadly diseases which deteriorate the quality of life along with effective precautions can be found.
The overall health and well-being of people can also be improved with statistics. A number of quality improvement programs create awareness among people.
Moreover, the pharmaceutical companies can make effective medicines which cater to the needs of people. Statistics helps in developing new medicines which are more effective in eliminating certain illnesses. These would be accessible to everyone and have multiple benefits.
The area of physical education and sports
Sports are a great discipline which involves an extensive use of statistics. It helps assess the performance of players considering their strengths and weaknesses.
By critically evaluating the skills of the players, they can improve themselves and scale great heights of excellence. A comparative analysis among different players would inculcate the spirit of sportsmanship leading to healthy competition.
With every game, they would push themselves and give a glimpse of their exceptional athleticism.
The field of business
Businessmen can imply statistical methods to gauge the wants, interests and desires of the customers. They can plan the marketing of the product and also manage the financial resources to escalate their growth.
Statistics helps in forecasting the uncertainties caused by economic fluctuations. It also helps in sound decision making by providing accurate estimates about costs, prices and sales.
By evaluating the progress of the companies, they would be able to establish themselves and gain a wider customer base.
The field of economics
In the field of economics, the relation between demand and supply is solely determined by statistics.
This branch requires the process of conducting test hypotheses and data analyses to uplift the economy.
The use of statistics determines the type of policies to be made. It helps find ways in which people spend money and sources of their income.
In addition to this, the government can also compare the sources of wealth and find ways to mend their economic policies.
The area of banking
Talking more about the topic, banks make use of statistical methods to estimate the number of deposits and monetary transactions. The interest rates and withdrawals of people can also be checked.
Through a customer’s feedback portal, these banks would be able to up their game in providing exemplary customer service.
The area of government budget
The process of preparing provincial and federal budgets requires knowledge of statistics.
It plays a vital role in development planning and citizen responsive budgeting. It enables the government to establish a numerical benchmark and monitor the progress of policies.
A famous politician once remarked that statistics is a vital tool for good governance. It is a yardstick to measure the efficacy of the government schemes, plans and initiatives.
The area of astronomical studies
While making astronomical predictions, statistics play a crucial role to determine the distance between spacial bodies. It is also useful while making future predictions.
New discoveries are made on the basis of statistical information. The universe is a gigantic world in which new findings and discoveries can be made easily. Every day, new astronomical objects such as black holes, galaxies, asteroids are being discovered along with their surprising characteristics.
Drawbacks of statistics
There may be numerous benefits of statistics but there are certain unignorable drawbacks.
It often overlooks the qualitative aspect of data/information. There are certain attributes which are completely written off while making statistical surveys.
Moreover, it ignores the individual aspect and views things in totality. The events revolving around a single person are often ignored by this approach.
It does pay heed to the story or the phenomenon which led to the circumstances. Thus, the cause behind any event is not considered nor it is elaborated upon during the process.
Statistical information can also be used for unscrupulous purposes which debase the field of study. This happens when there are too many sources to access the information.
Inaccurate laws might lead to improper and incorrect information which has been collected through various methods. This is because all laws cannot apply to every circumstance. There are exceptions in each field which cannot be overlooked.
The results of statistical surveys are based on the concept of average. These can be fallacious and not be true for a certain section of the population. Every object has different characteristics and differs from the rest.
There are often too many methods to study a problem and reach a conclusion. This creates a confusion which leads to multiple interpretations and irrelevant inferences which render the data useless.
To sum it up, statistics is an
essential multi-disciplinary subject. It determines important relations and
helps establish crucial information. The discipline leads to a new creation of
knowledge as it develops a person’s horizon by sharpening his/her critical
skills and reasoning powers. It has a far-reaching and multi-faceted importance
in our lives. It has been used in various fields and organizations. The
approach has some spectacular benefits and loopholes which make it an
intriguing field of study.
Author Bio: Nancie L Beckett is a renowned author who has prolific knowledge about statistics. Her impeccable understanding of statistical concepts helps her become a stalwart in the field. Moreover, she holds a MBA degree from Harvard Business School and has an additional experience of six years. She is highly revered among her peers and professional scholars for her outstanding knowledge. Her writing samples are often critically assessed by professionals who find them well-worded with extensive information.