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Statistics can be defined in many ways.
It is the branch of mathematics which is concerned with the collection and analysis of large quantities of numeric data in order to draw inferences based on probability.
It is derived from the Latin word "status" which means "group or numbers" of figures that represent certain facts which are of interest to human beings.
Large quantities of data are mathematically analysed so that the knowledge gained from it can be of benefit to human society. Statistics homework solvers use information gained from analysing large quantities of raw data to forecast and predict facts that can impact human beings in extraordinary ways.
Statistics is also studied as Business Statistics, Biostatistics, Biomathematics, Bioinformatics, Environmental Statistics, Industrial Statistics, Mathematical Statistics, Statistical Genetics and Social Statistics.
Statistics and probability are two completely different subjects of study. Though they are contextually related, they are not the same. Probability is nothing but the 'chance' of something happening. Like when you flip a coin, what is the chance of you getting a head or a tail? Let us call probability as 'the study of chance'. You can define the probability formula as the ratio of the favorable outcomes to the total number of possibile outcomes. You can compute the probability of an event as follows: If P(A) > P(B), the probability of event A or just P(A) to happen is more likely. But if they are the same, as in P(A) = P(B), then both events A and B have equal chances to happen. Linking a table or equation to each of the outcomes of a statistical experiment gives you what is known as 'probability distribution'. An event with a higher probability is more likely to occur as against an event with lesser probability. Statistics, on the other hand, deals with collecting, analyzing huge volumes of numeric data and extracting inferences out of it. Statistical techniques are used in almost industries for various purposes.
Statistics lets you collect, analyze large quantities of data (of just information) and draw inferences out of it. In other words, when you analyze (or study) large amounts of data, you will be in a better positon to make certain predictions, based on your statistical study. If statistical techniques are used in the right manner, you can expect correct inferences or predictions and results. However, statistics is one of the most misused branches of study, with some statisticians often drawing conclusions that may not be accurate. When used correctly, you get vital insights into your data and you can use it for the welfare of the society. There are two major statistical techniques - descriptive statistics and inferential statistics. Descriptive statistics summarizes data from a sample by using indexes (eg. mean, standard deviation), whereas, inferential statistics draws conclusions from data using random variation.
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Business statistics too has two categories - descriptive and inferential. Business statistics deals with the business related aspects of statistics. Businesses and professionals use business statistics concepts to take crucial decisions to improve the quality of their products and services. Business statistics allows them to understand, infer and predict factors that are important to them.
According to Wikipedia, Business Statistics is
"the science of good decision making, in the face of uncertainitity...".For some, all this could be a bit overwhelming and stressful. But here is good news - you can still get top scores in your statistics homework and assignments!
For those who are good at math - calculus and differential equations and the like, getting through the Elementary Statistics course should be easy.
Students have a lot of questions about elementary statistics - is there a difference between just 'statistics' and 'elementary statistics'?
How is elementary statistics used in other domains like psychology, probability etc?
Is it any different from modern elementary statistics?
How do you define an 'elementary unit' and 'elementary event' in statistics?
And many more questions like that. In fact, you will have to pass a paper in elementary statistics in order to qualify for certain majors. So, this is one subject you will need to score well.
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Statistics can be a challenging subject for students due to its tightly analytical nature.
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Statistics deals with the theories and practice of collecting and analyzing data and making inferences from the observations.
Statistics also allows you to organize and present your data.
The principles of statistics are often used to a solve certain social, scientific or industrial problem or get more information about a certain population.
Statistics helps scientists and researchers to study, understand trends and make predictions based on existing information.
The study of statistics allows scientists to compare multiple sets of data and look for trends and variation and then arrive at meaningful conclusions. Given the huge amount of data at our disposal these days, it is important to have a good understanding of statistical methods and tools in order to properly use this data.
In spite of its uses in many fields, there are also certain limitations in statistics.
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