Statistics is a branch of applied mathematics that involves collecting, sorting, interpreting, analysing, and drawing conclusions from numerical and categorical data and facts in order to show them in a logical way.

It uses a wide range of methods that make it easier to analyse data so that decisions can be made.

It can help with answering questions like:

• What kind of information needs to be gathered?
• How many facts are to be gathered?
• How to organise and summarise data?
• How to look at facts and figure out what it means?
• How do we figure out how strong findings are and how uncertain they are?

Statistics Have Certain Traits

Statistics is made up of: a collection of facts: Statistics are groups of facts or numbers that can be compared. Statistics are not single facts or numbers that don't make sense together.

Affected to a large degree by a number of things:

This means that statistics are affected by a number of things that work together in a big way. For example, the figures on rice production depend on many things, such as the way it is grown, the weather, the seeds, fertilisers, manures, etc.

Statisticians talk about numbers when they talk about statistics. So, words like "happy," "sad," "right," "wrong," "good," and "bad" do not count as data. For instance, "ABC Ltd.'s production has gone up" is not a statistic, but "ABC Ltd.'s production has gone up from 92,000 units in 2020 to 110,000 units in 2021" is a statistic.

Enumerated and estimated to a reasonable level of accuracy:

 Statistical data needs to be accurate enough to be used as a base for statistical research. This is because if the scope of the inquiry is narrow, the data can be collected through real counting. If the scope of the inquiry is wide, however, the data will be collected through estimates, which can be wrong.

Data collection is done in a planned and organised way. Without a system, the data gathered may not be accurate or reliable, which could lead to wrong conclusions. Also, the reason for collecting it needs to be said ahead of time to keep its value.

The data must be put in the right order:

 Data collection is done so that things can be compared, so the base must be the same. Because it is not possible to compare two units whose bases are different.

What Statistics Are Used For

Statistics is used to do the following:

Simplifies: 

Statistical methods can be used to show large amounts of data in a way that is easy to understand. So, it makes it easier to understand a lot of info by making its meaning more clear.

Statistics is important because it can turn facts into numbers, which are easy for everyone to understand.

Data is usually taken in its raw form, which is hard to understand and not well organised. So, it needs to be shown in a simple way so that a decision can be made. With the help of numbers, a lot of information can be summed up in a short way.

Increases people's knowledge and experience:

Because the way data is presented is simple, it increases people's knowledge and experience by making it easy to understand without knowing everything about every field.

There are comparisons between: 

Statistics helps you compare facts and figure out how they relate to each other. For instance, if a researcher wants to find out how much soybeans are grown in two states, he or she would use statistics.

Helpful for making policies:

 In an organisation, plans and policies are made ahead of time. And statistics is a very important part of figuring out what will happen in the future by giving us the knowledge we need.

Helpful for making predictions and forecasts: Knowing numbers not only helps you estimate the present, but also the future.

Statistics has different parts.

Here, we talk about the different types or areas of statistics:

In descriptive statistics, sets of numbers are described and summed up with the help of pictures and statistical quantities. Methods like averages dispersion, skewness, time series, etc., may be used.

Inferential statistics includes all the methods that help you draw conclusions and inferences about population parameters based on estimates taken from samples. Chi-square, F-test, t-test, etc methods are used.

Applied statistics uses those methods and techniques that can be used to solve specific problems in real-world situations. Methods like group surveys, quality control, index numbers, etc., may be used.

Inductive statistics: 

This section covers the methods and techniques that are used to figure out what a certain thing is based on chance observations. Techniques used may include Extrapolation.

Analytical Statistics: 

Analytical statistics uses techniques and methods that help figure out how factors work together. This study uses correlation, regression, relationship, and attributes.

Mathematical statistics is the study of how different mathematical ideas and methods can be used to make new statistical methods. It uses methods like integration, differentiation, trigonometry, matrix, etc.

A Word from the Jargon of Business

Statistics is a broad field that can be used in many different areas, such as study, finance, sports, economics, marketing, health, education, and so on. In simple terms, it is the science of figuring out what the collected data means, examining it, and drawing conclusions from it.