What do you understand by statistics?

What do you understand by statistics?

Statistics is the study and manipulation of data, including ways to gather, review, analyze, and draw conclusions from data. The two major areas of statistics are descriptive and inferential statistics. Statistics can be used to make better-informed business and investing decisions.

How can you use and apply statistics in your daily life?

Let’s look at some examples of how statistics shape your life when you don’t even know it.

  1. Weather Forecasts. Do you watch the weather forecast sometime during the day?
  2. Emergency Preparedness.
  3. Predicting Disease.
  4. Medical Studies.
  5. Genetics.
  6. Political Campaigns.
  7. Insurance.
  8. Consumer Goods.

What are main limitations of statistics?

Answer. The important limitations of statistics are: (1) Statistics laws are true on average. (3) Statistics cannot be applied to heterogeneous data. (4) If sufficient care is not exercised in collecting, analyzing and interpreting the data, statistical results might be misleading.

What are the two types of statistical data?

  • Most data fall into one of two groups: numerical or categorical.
  • Numerical data can be further broken into two types: discrete and continuous.
  • A classic example defining categorical or numerical data is shared below.

What type of data is gender in statistics?

For example, gender is a categorical data because it can be categorized into male and female according to some unique qualities possessed by each gender. There are 2 main types of categorical data, namely; nominal data and ordinal data.

What is data measurement?

Sometimes called the level of measurement, it describes the nature of the values assigned to the variables in a data set. The term scale of measurement is derived from two keywords in statistics, namely; measurement and scale. Measurement is the process of recording observations collected as part of a research.