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The definition of the word "statistics" is quite easy to come by. According to Wikipedia, it's the practice or science of collecting and analyzing numerical data. It wouldn't be wrong to say that this captures the essence of what we do in papers such as these: we collect and analyze data to understand the socioeconomic realities of our society, and in an effort to be able to say something about them. Unfortunately, though, there's much more than this to statistics than just data collection and analysis. The practice of statistics involves bringing together different kinds of knowledge that are otherwise unconnected both within academia and without. This is because statistical studies involve comparisons, associations, generalization, and abstraction, all four of which are required to create/analyze data. While this may seem like an abstract way of viewing things, one needs to keep it in mind precisely because the world around us is full of statistical data.
Statistics is a science involving the collection, analysis, and interpretation of data. There are many different branches of statistics including descriptive statistics, inferential statistics, spatial statistics, time-series analysis, etc. Researchers use this information to test their hypotheses or predictions which can then be used by other researchers in their own work. However, the following two are considered to be the major branches of statistics.
Descriptive Statistics: descriptive statistics refers to the numbers and types of measurements that describe or summarize data. This includes things like how many people live in poverty, what percentage of resources are devoted to education, and how quickly a company's revenue is growing.
Descriptive statistics are useful because they summarize (or describe) large amounts of data in easily understandable terms. They help make sense of information that might be too complicated for people to understand without outside help. For example, what if you're studying the results of an election? It might be easy to know who won, but describing the margin of victory—or even how the votes broke down geographically—can be challenging.
Descriptive statistics helps with that. Instead of just saying that Candidate A got 51% of the vote and Candidate B got 49%, descriptive statistics allow you to break down the results by geography. Candidate A might have won big in City X while Candidate B had success in City Y. For this reason, descriptive statistics are also sometimes called "breakdown" or "divide by" statistics. If you are looking for help with descriptive statistics, use our descriptive statistics assignment help.
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Inferential Statistics: It is a statistic that provides a mathematical model to make inferences from sample data. It uses probability theory and various statistical models to draw inference from the given "sample" statistic about the "population".
Inference can be drawn by making assumptions about a population parameter based on a random sample taken from it. Inferential statistics allows researchers to go beyond the information in a sample to gain knowledge about a larger population as a whole.
It can precisely describe how likely it is that an observed pattern would occur if the null hypothesis were true. The null hypothesis (H) represents the default or "untouched" state of affairs and the alternative hypothesis (Ha) describes something that we would like to be the case.
The greater the probability of something occurring, the lower its p-value and vice versa. A low p-value indicates that the observed data were unlikely to have occurred if the null hypothesis was true and it is therefore rejected in favor of a more favorable alternative hypothesis. If you are struggling with your homework, you can get inferential statistics assignment help.
In business, finance, and economics, statistics are being used to predict future trends and earning potentials of companies from their present financial position. In medical sciences, it is used to find the risks and benefits of a certain medicine or surgery or drug. In everyday life, statistics can be used to decide if it is worth investing in a house in a particular area at a given time. In addition, using statistics for decision-making is considered more reliable than subjective judgments alone because it enables one to account for several factors and arrive at the decision based on an objective appraisal.
In general, statistics is considered as a study of the collection, organization, analysis, and interpretation of data. In this 21st century age where vast amounts of information are available at one's fingertips, statistically significant information is sought after in order to make informed decisions. It enables one to identify patterns that were not necessarily visible earlier. It is one of the most important subjects nowadays and hence thousands of students select statistics to pursue their career. However, it is also one of the toughest subjects. Due to the complexity of the subject, many students struggle a lot in understanding the concept and theories. They struggle in completing statistics assignments and homework. Thus, they get poor marks or grades. In such cases, statistics assignment help can be a blessing for students who are not experts in this field. Help in statistics assignment is given by experts having in-depth knowledge in Statistics at affordable rates.
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Statistics assignment is always one of the most significant subjects for students to deal with. People tell us that statistics is all about numbers and data, but what they don't mention is how much it relies on logical reasoning. You can say this branch of mathematics has various elements like counting, evaluating patterns, finding averages, etc. Statistics enables you to look at things in a new way.
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You can evaluate yourself- This is one of the most important benefits of working on statistics problems. As it is a subject that deals with numbers and data, you can get a clear idea about where your strengths and weaknesses lie. This helps you understand what topics you need to focus on the most.
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