Statistics Is The Science Of Collecting Data And Analyzing It

Statistics provides us with very useful tools and techniques that aide us in dealing with real world scenarios. I have been able to learn several useful concepts by studying statistics that can aide me in making rational and informed decisions that are supported by the analysis results. Statistics as a discipline is the application and development of various processes put in place to gather, interpret, and analyse the information. The quantification of biological, social, and scientific phenomenons, design and analysis of experiments and surveys, and application of

The goal of inferential statistics is to end up rejecting the null hypothesis and concluding that a significant relationship exists; therefore, the null hypothesis always presume no relationship.

The last few weeks we covered descriptive statistic: the central tendency, variability, correlation and Z-score. Today’s session is a little bit different, we will be talking about statistical significance. Statistical significance is the level of risk one is willing to take to reject or accept a null hypothesis while it is true and it separate random error from systematic error. When doing a study or research, the statistical significance shows that the difference obtained were not caused by chance. Inferential statistics, the T-test, partition noise from bias by studying a random sample than the population in which we are interested and from the results we infer. The advantage of using sample than a population, it is convenient, saves time, energy and money because n is smaller than population and above all it helps to control systematic and random errors. When we are making a conclusion, we should have a certain confidence or probability of being right and that is called the alpha level; which the risk you are willing to

When we look around us, we may not recognize that statistics is all around. Before I began to take this course “Statistics for Managers” I was not aware of how statistics actually worked. The first idea that came to my mind about statistics was probability. Not knowing statistics and probability are related because they both determine a possible outcome. Throughout this course I have learned what statistics is and how it works. In this paper, I will describe descriptive and inferential statistics, hypothesis developing and testing, the selection of statistical tests, and how to evaluate statistical results in analyzing data.

The main purpose of the most researchers in conducting a research study is to achieve a statistically significant result. When we say statistically significant, it means that the result in a research study was not attributed to chance. In addition, it also means

Statistics is a mathematical science pertaining to the collection, analysis, interpretation or explanation, and presentation of data. It is applicable to a wide variety of academic disciplines, from the physical and social sciences to the humanities. Statistics are also used for making informed decisions – and misused for other reasons – in all areas of business and government. Statistical methods can be used to summarize or describe a collection of data; this is called descriptive statistics. In addition, patterns in the data may be modeled in a way that accounts for randomness and uncertainty in the observations, and then used to draw inferences about the process or population being studied; this is called inferential statistics. Both

This video introduces new vocabulary terms. First of all, statistics is the study of variability. Secondly, statistics is broken down into two parts descriptive and inferential. Descriptive is when you collect data and talk about it. Inferential is when you take a sample and use it to make an inference about the population. Thirdly, the video talks about the difference between population and sample. Sample is a smaller part of the population. When you take a sample and come up with an average, that average is called a statistic. When you find the average of population, that average is called a parameter. Lastly, gathering information about the whole population is called a census. In conclusion, a statistic based on a sample helps make an inference about the parameter of the whole population.

"Inferential statistics is drawing conclusions of large data sets called a population" (Jaggia & Kelly, 2014). To analyze inferential statistics, I use regression analysis. "Regression analysis is used to examine the relationship between two or more variables" (Jaggia & Kelly, 2014).

Data are the facts and figures that are collected, analyzed, and summarized for presentation and interpretation. Statistics was developed in the early 19th century as the study of populations, economies, and moral actions and later in that century as the mathematical tool for analyzing such numbers. Examples of Statistics that are used today are Mean, Median ,Mode and Range, Histograms and Stem and leaf plots. Sample survey methods are used to collect data from observational studies, and experimental design methods are used to collect data from experimental studies. The area of descriptive statistics is concerned primarily with methods of presenting and interpreting data using graphs, tables, and numerical summaries. Whenever statisticians use data from a sample., a subset of the population—to make statements about a population, they are performing statistical inference. The population is how many people i'm doing for my project which is 50 people. Estimation and hypothesis testing are procedures used to make statistical conclusions. Probability plays a key role in statistical inference, it is used to provide measures of the quality and precision of the inferences. Some of these methods are used primarily for single-variable studies, while others, such as regression and correlation analysis, are used to make inferences about relationships among two or more variables. A paradox is a statement that, despite apparently sound reasoning from true premises, leads to a self-contradictory or a logically unacceptable conclusion. The purpose of a paradox is to arrest attention and provoke fresh thought. An entertaining example is to determine the probability that in a randomly selected group of n people at least two have the same birthday. If one assumes for simplicity that a year contains 365 days and that each day is equally likely to be the birthday of a randomly selected person, then

Elementary school students across the nation have encountered a statistical situation in one form or another without ever realizing it. Many students in elementary grades, as well as upper-level students, tend to avoid questions dealing with statistics. In the article, “Statistics in the Elementary Grades: Exploring Distributions of Data” authors Christine A. Franklin and Denise S. Mewborn provide teachers with a four step process to help students have a better understanding of statistics.

Descriptive statistics will be used to present summaries of data collected when necessary. Inferential statistics will be used to test the research

What does it mean to have statistical significance? Many students including myself confuse us when trying to explain the statistical significance. Upon further research and reading, the best way to describe statistical significance is to define it as “Unlikely due to chance”. In technical terms, statistical significance means, if the null hypothesis is true then there is a low probability it is due to chance. There are a few factors that go into determining statistical significance, such as the P-value and sampling error.

Statistics is a comparison of two numbers, one from a current standpoint and one from a previous time frame. In the real world, there are many ways to measure observations or responses using a mathematical analysis. By collecting this information, analyzing the data and then summarizing it with the use of numbers helps people, businesses and consumers drive decisions. There are many ways to collect statistics through surveys and other data collections. An example of this is when consumers shop, they often swipe their loyalty cards and provide stores information on items purchased and consumer shopping patterns.

Whether you know about it or not, as an entrepreneur you lead statistical surveying constantly. When you converse with clients about your business or look at the costs of your rivals you are directing statistical surveying. Formalizing the procedure can deliver an abundance of data about your items and administrations, your clients and the commercial center you work in.

Statistic preferred descriptive statistics. It involves the description of the major features of the data collected from a business. It tends to carry out a collective summary of the set of data extracted from the business characteristics. This summary is either visual or quantitative and simple in nature and looks at the sample observation and conclusions. The summaries conducted can either construct the baseline or foundation of the original data description as an active section of a complex and extensive analysis of statistics or form the essential framework of a given investigation. It is important to conduct a business statistical analysis so as to determine whether financial projections are geared towards profit making. The analysis is important for purposes carrying out the business plan update, which may be undertaken in different levels.