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Statistics can be defined in many ways:
Statistics is the science that develops methods to collect, analyse, interpret, and present empirical data. Statistics has interdisciplinary applications and is used in coordination with subjects like Mathematics, Economics, and Social Sciences. One of the primary uses of statistics at present is related to data analysis which is conducted in business studies, whereby statistics is used to predict future trends, assess past performance, evaluate market conditions for an organization, and perform several other functions. It is hard to limit the uses of statistics, so diverse is its utility, from studying demographic patterns for implementing policies to analysing possibilities in astrophysics.
Two fundamental concepts that define the study of statistics are uncertainty and variation. In mathematics, probability is used to reach certain conjectures about uncertain events, and probability is one of the key elements in statistics. The variation aspect is related to the data that is analysed. It is likely that when the same data used for analysis is collected twice from two different sources (imagine two separate sets of people, all within 10 to 20 years of age, as the subjects/sources for data) it is probable that the data will vary to some extent, and so will the analysis. Statistics attempts to control these variations and reach consistent interpretation to the best possible extent. Some of the common and rather important measurements in statistics include mean, variance, analysis of variance, regression analysis, kurtosis, skewness, and so on.
Large quantities of data are mathematically analysed so that the knowledge gained from it can be used for the benefit of 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.
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Descriptive statistics comprises of the initial part of statistical analysis, that is, collection and presentation of data. Some of the functions that a statistician would need to perform at the level of descriptive statistics is determining the kind of experiment to be conducted, deciding the target group of subjects to be chosen for the experiment, taking necessary steps to avoid biases or false information in the data, and so on. Thereafter, descriptive statistics goes on to describe the data set in a summary, explaining the nature of information that is contained in the data set. It helps to understand the features of the given data set either by focusing on the entire data or a sample of the same. Descriptive statistics is mostly used to measure the central tendency and the variability of spread. Central tendency attempts to find the central value in a data set, while variability of spread studies how the figures in the data are dispersed throughout the set. The interpretation thus derived can be communicated in the form of tables, graphs, or general statements. Descriptive statistics is elemental statistics that is taught to students at school. Some of the well-known statistical concepts which belong to the category of descriptive statistics are mean, median, and mode. Grade Point Average or GPA accorded to students is a good example of descriptive statistics, whereby data is collected from various sources such as the grades earned in different exams on different subjects, and an average is derived out of these grades to offer a general understanding of a student’s academic aptitude.
Inferential statistics, and as the name suggests, is concerned with derivation of inferences once the descriptive part that been completed with success. Inferential statistics attempts to draw conclusions about the future, and it finds largescale utility in the fields of social sciences. For instance, experiments in psychology or anthropology would consider a small sample group of subjects, and the data/information derived from them would be used to make a generalized prediction about the group for which they were selected as sample subjects. A skilled statistician is usually equipped with the knowledge to frame an experiment that would yield appropriate information when interpreted. The interpretation, however, is quite a task and forms the crux of inferential statistics. Even though scientific methods are followed for deriving inferences, there exists ways to manipulate studies and alter results, which need to be avoided for a fair and correct result to be deduced. Here, it is importance to note that descriptive statistics and inferential statistics are not mutually exclusive, but they co-exist and complete each other. It would not be possible to carry out a descriptive study without a following inferential part and vice versa. Steady scientific methodology and ethics of research must be followed in a statistical study, using both descriptive and inferential methods, to derive relevant and authentic knowledge
Statistical analysis can be of different types and the ones to be employed in a study depends upon the knowledge that one needs to derive from the analysis. For instance, if one is trying to predict the future risks for an investment, or future market trends, a certain kind of analysis is to be employed. However, if one is trying to analyse the past performance over a period of time, it would call for a different approach. Descriptive statistics, which has been defined above, is also known as descriptive analysis. Apart from that, here are the other significant types of statistical analysis that are presently in use.
The question that predictive analysis attempts to address is, “What can possibly happen?” Therefore, predictive analysis can be said to make predictions about the future, and it does that based on present and historical data. The data is analysed and based on the existing trend the future possibilities are predicted. This entire operation is carried out with the help of sophisticated algorithm and machine learning which can determine the most likely future outcomes, behaviours, and trends. Profit driven business organizations rely on prediction analysis to gain competitive advantage in the market and to reduce risks of future investments. Predictive analysis is also used by banks to evaluate the chances of default when issuing loan to an individual or a company. Data is derived from various sources, and not only the past and present financial behaviour of the subject is analysed but also several other complex factors are thrown into the data set for a holistic estimation. The technologies used in predictive analysis include data mining, AI, and modelling. The information gathered from the analysing the data is presented to the management and policymakers in comprehensible form, based on which decisions are made. Predictive analysis is a key factor in policymaking in several industries including finance, insurance, marketing, and others.
Prescriptive analysis addresses the question, “What ought to be done?” in any given situation. It analysis the available past and present data to determine the right course of action. Prescriptive Analysis basically is an amalgamation of descriptive and predictive analysis. Elements of descriptive analysis are used to find out the events that have occurred in the past, and the predictive analysis is used to chart out the most likely outcomes in the future. A combination of both helps the organization in question to determine which course of action would be appropriate for them at a given point of time, and this might include such decisions as whether an investment should be made or should it be deferred, or among the available scopes of investment, which is most likely to yield the greatest returns. The technologies used by prescriptive analysis include algorithm, machine learning, complex event processing, graph analysis, simulation, business rules, and so on.
An approach used specifically by data scientists, exploratory data analysis aims to identify the patterns and correlations that might exist between the figures in a data set. This analytical approach tries to find if there is any coherent relationship existing among the figures that apparently seem to be unrelated. The approach helps to identify if any data is missing in the set and also to formulate hypothesis for future experiments. This approach is never used alone in the analysis of data because it offers a bird’s eye view, but it is combined with other approaches for a better analysis and interpretation.
Casual analysis addresses the simple question, “why?’ where it ventures to find the reason behind the way things are, the probable reasons behind the occurrence of certain events. Business organizations are wary of reasons that cause them to fail in their ventures, and therefore, efforts are made to analyse these reasons so that they can be understood better and the errors can consequently be rectified or avoided altogether. As the statistical analysis that helps to understand why an event occurs, casual analysis finds significant utility in the study of disaster and disaster management. It is also used in the IT sector to ensure the quality of software.
All leading industries make use of mechanistic analysis, a statistical approach that helps to identify what changes in a given variable might lead to changes in other variables. The variables in question can often share correlations, and while making business decisions, it is imperative to be aware of the impact that certain changes with regard to one variable might have on other associated variables. The focus here is the impact that internal elements have on each other, and the external elements are not considered in this approach. One of the fields that is dependant on mechanistic analysis is biological science.
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 all industries for various purposes. Contact us now for probability and statistics homework help.
Statistics lets you collect, analyze large quantities of data (of just information) and draw useful 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.
There are a number of software and tools that are used in Statistics. Some of them are R Language, Eviews, Gretl, Minitab & SAS. Our statistics experts fully support all of these tools. Our approach to business statistics questions and answers is holistic and we split complex statistical problems into smaller and better manageable chunks. We regularly monitor statistics on tutoring effectiveness and take corrective actions wherever necessary.
Some students look for free help with statistics problems and try to leverage statistics help forums and statistics help chat rooms but these are a far cry from the kind of personalized help with statistics homework we provide to our customers. College and university students in the United States, Canada & Australia often need help with statistics homework on forecasting techniques, data analysis and managing statistics projects along with Minitab, Gretl, R programming, Matlab and SAS.
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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'?
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Is it any different from modern elementary statistics?
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Statistics is no doubt, one of the most important sciences that intertwine with several branches of study including mathematics, astrophysics, biology, computer science, data science, economics, sociology, psychology, anthropology, political science and others. Statistics is used by business organizations to analyse and predict their operations and future possibilities, it is used by various organization to carry out studies related to the national and global economy, it is used by the governments and other organizations in the formulation of policies that would affect different segments of the population, it is used in medical research to predict the effectiveness of new vaccines/ medicines, and so on. The uses of statistics are certainly not limited to these examples and importance of the science in the contemporary society cannot be emphasized enough.
Longitudinal Data Analysis consists of tools and techniques used to analyze data collected from the same set of variables measured at multiple points in time. The variables that are measured are collected from a wide variety of subjects and studied to gain insights through repeated measurements. Researchers collect longitudinal data in order to draw causal links in the interventions and endpoints. It also helps in controlling the various outcomes by using explanatory variables across the statistical models. During repeated measurement analysis, the subjects are examined under pre-specified conditions and the differences in the results are noted. The results and outcomes are usually measurements and indicators that can vary on several occasions. Contact us for help with your Longitudinal Data Analysis homework assignments. No matter how complex your assignments are, our experts can solve it accurately and provide expert solutions. We work 24x7. Chat with us any time or email us at email@example.com for instant homework help.
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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. Principles of statistics are often used to a solve 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 leverage this data to our benefit. In spite of its uses in many fields, there are also certain limitations in statistics:
Unless handled professionally and ethically, statistical readings can be easily manipulated and/or misinterpreted. That is why there is this famous saying "there are three types of lies: lies, damned lies and statistics"! In spite of this, statistics remains one of the most important branches of study worldwide.
In Statistics, Probability is defined as the chances or likelyhood of an event happening in a random experiment. Probability is measured on a scale of 0 (zero) to 1 where 0 indicates the event might never happen and 1 indicating a strong probability that the event will happen.
Probability theory can also be defined as the branch of mathematics that analyses random events. The result of a random event cannot be predicted before the event itself occurs and the final outcome is determined by chance.
Regression analysis in statistics is used to analyze the relationship between variables using a set of statistical processes. This is especially used in Statistical modelling and studies the relationship between a dependent variable (also known as the 'criterion variable') and one or more independent variables, also referred to as 'predictors'. Regression statistics helps us to understand changes in the value of the dependent variable when the value of one of the independent variables is changed and that of another independent variable is left unchanged.
In statistics, ANOVA is the acronym for 'Analysis of Variance'. As a student of statistics, there are many important terms you need to be familar with, with respect to ANOVA like: ANOVA test, one way ANOVA, two way ANOVA, MANOVA, Factorial ANOVA, Comparision between ANOVA and T-test, Repeated measures ANOVA. You will also need to familiarize yourself with how to run an ANOVA.
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A distribution function is also known as 'cumulative distributive function' or 'CDF'. Sometimes, it is also referred to as 'cumulative density function'. The CDF of a random variable X or more simply, 'the distribution function' of of X evaluated at x is the probability that X will assume a value less than or equal to x.
Our Statistics homework experts are thoroughly familiar with all aspects of distribution functions in statistics and will provide accurate solutions to your statistics problems.
A Random Variable, X, in statistics ia a variable whose possible values are the results of any random phenomenon. Random variables are of two types: discrete random variable and continuous random variable. Example of a random variable is the tossing of a coin, which can only have one of the two values - heads or tails.
The Pearson's Chi Square Test in statistics is also known as 'goodness of fit statistic'. It also indicates how much the the likelyhood of an observed distribution is due to chance.
The Binomial distribution is used as the basis for the well-known Binomial test of statistical importance.
A Binomial distribution with parameters n & p, can be defined as the discrete probability distribution of the number of successes in a range of independent experiments, n, with each asking a "yes-no" question and each with its own boolean outcome-a random variable with a single bit of information such as success/yes/true/one (with probability p) or failure/no/false/zero (with probability q-1-p).
Bernoulli Process: When you run the experiment for one single success/failure outcome, it is called Bernoulli experiment and the outcomes are known as Bernoulli Processes. Which means, for a single single trial, n=1, the Binomial Distribution is the Bernoulli Distribution.
Poisson Distribution is a statistical tool used in probability theory that predicts the probability of an event or multiple events happening when the frequency of occurrence of that event is already known. In other words, a Poisson distribution lets us know the probability of a sequence of events taking place in any fixed interval of time and space.
A Normal Distribution is also known as the Bell Curve. Other bell-shaped distributions incude the Cauchy Distribution, Students T distribution and the Logistic distribution. The Normal Distribution is extensively used in statistics, business organizations and government offices. Normal Distribution is also known as the Gaussian or Laplace-Gauss or just Gauss distribution.
Data Analysis, in statistics is the process of "cleaning up, modifying and modelling data" in order to discover useful information, conclusions and assist in decision making. There are a number of methods and techniques for data analysis in statistics, each being used for a specific purpose in business, science and social science.
Business Intelligence is used by organizations to help with their strategic and operational decision making processes like product positioning, pricing and marketing decisions. Business Intelligence helps businesses to gain valuable insights into their own as well as competitor strategies, get information about new markets, check market demand and conditions for products and services for different market categories and analyze impact of marketing efforts and resources. Business Intelligence involves handling and analyzing huge amounts of data and generate valuable business that businesses use in a number of ways. According to Wikipedia, Business Intelligence provides "historical, current and predictive information" about business operations and consists of strategies and technologies used by business organizations for the analysis of large volumes of data. Business Intelligence is often abbreviated as just BI.
SPSS is the short form for "Statistical Package for Social Sciences". SPSS is one of the most popular statistical softwares and is currently known as IBM SPSS after IBM took over the parent company in 2009. SPSS has come a long way since its introduction into the market in 1968. Our experts provide elementary and advanced homework help for SPSS assignments. Follow the link for more information: We do SPSS homework.
Minitab is another popular statistical software, widely used for a number of statistical analysis with which companies can focus their resources and efforts on those areas where they have the most impact. Minitab offers a free 30 day trial period. Our statistics experts are extensively trained in Minitab and have intricate knowledge of the many features of this software. We are available 24x7-chat with us on our website any time of the night or day or drop us an email at email@example.com for 100% personalized Minitab homework help.
Matlab is a highly advanced engineering software and comes with strong statistical analysis capabilities thanks to its statistics and econometrics toolboxes. Matlab is not a simple menu driven software, instead engineers have to learn the Matlab programming language in order to leverage its strengths to the maximum. Our experts offer Matlab programming homework help to college & university students worldwide. We work on advanced as well as elementary Matlab programming homework topics. Contact us today for expert help with your Matlab homework, assignments & projects. Matlab is owned by Mathworks.
Stata is a data analysis and statistical software which provides a complete, integrated environment that provides everything you could possibly need for effective data analysis, data management and graphics. Using Stata, you can carry out hundreds of different kinds of statistical analysis and get accurate results. Connect with us any time for advanced help with your Stata homework assignment. We guarantee top results, 24/7 support online and assured, on-time delivery. Contact us for Stata homework help.
SAS is another widely used software for statistical analysis. It offers great features for analytics, business intelligence and data management which helps companies to take business-critical decisions. We offer advanced SAS homework help for college and university students. Let our experts do your SAS homework assignments and be assured of top grades and delivery on time. We are open 24/7.
R language is a free statistical programming language which provides an ideal software environment for statistical computing and graphics. R language is also easy to learn and comes packed with many powerful features. Our experts can solve complex statistical homework and assignment problems using R. Contact us today-chat with our customer success team on our website or email us at firstname.lastname@example.org. Click here for R Programming Homework Help.
GRETL is another great statistical software. GRETL is an acronym for Gnu Regression Econometrics and Time-series Library. As is evident from its name, GRETL is used for a number of statistical analysis, mostly concerned with econometrics. Gretl is free and open-source. We do GRETL homework & assignments for college and university students. Contact us for 100% personalized GRETL homework help with assured scores.
Eviews is a powerful statistical software that is used mostly for time-series related econometric analysis. This software is MS Windows-based and offers researchers, business organizations and government organizations access to advanced forecasting and modelling tools. Initially developed by a company called QMS (Quantitative Micro SOftware), Eviews is now a part of IHS Markit Ltd. Contact us for help with your Eviews homework assignments. No matter how complex your assignment questions are, our experts can solve it accurately and provide expert solutions. We work 24/7. Chat with us any time or email us at email@example.com for immediate Eviews homework help.
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