STATISTICS: An Introduction
Statistics is a branch of Mathematics that involves data collection, compilation, analysis and interpretation. Statistics further refers to Numerical facts.
Statistics is further divided into
- Theoretical statistics
- Applied statistics
Theoretical statistics: Involves the derivation of statistical rules, formulas and relationships.
Applied statistics: Involves the use of statistical rules, formulas and relationships in solving actual problems.
Applied statistics is further divided into
- Descriptive statistics: Concerned with data collection, compilation and use of diagrams, graphs and summary measures to describe data.
- Inferential statistics: Concerned with study of a sample and using a result to make predictions and conclusions about the population.
*A population: is a collection of all items which are under study such as employees of a firm, the products of a firm, animals in a park
*A sample: a portion of the population that is selected as a representative for study,
*Statistical study that involves a whole population is known as a Census
*A study that involves only a sample is known as a Sample Survey
*Summary measures derived from a census are known as Parameters. While Summary measures derived from a sample survey are known as statistics.