In Maths, Statistics is a method of interpreting, analysing and summarising the data. Hence, the types of statistics are categorised based on these features: Descriptive and inferential statistics. Based on the representation of data such as using pie charts, bar graphs, or tables, we analyse and interpret it.
Statistics is the application of Mathematics, which was basically considered as the science of the different types of stats. For example, the collection and interpretation of data about a nation like its economy and population, military, literacy, etc.
In terms of mathematical analysis, the statistics include linear algebra, stochastic study, differential equation and measure-theoretic probability theory.
Meaning of Statistics
Basically, the statistical analysis is meant to collect and study the information available in large quantities. Statistics is a branch of mathematics, where computation is done over a bulk of data using charts, tables, graphs, etc.
The data collected for analysis here is called measurements. Now, if we have to measure the data based on a scenario, a sample is taken out of a population. Then the analysis or calculation is done for the following measurement. Learn mathematical statistics in detail at BYJU’S.
Types of Statistics in Maths
Statistics have majorly categorised into two types:
- Descriptive statistics
- Inferential statistics
In this type of statistics, the data is summarised through the given observations. The summarisation is one from a sample of population using parameters such as the mean or standard deviation.
Descriptive statistics is a way to organise, represent and describe a collection of data using tables, graphs, and summary measures. For example, the collection of people in a city using the internet or using Television.
Descriptive statistics are also categorised into four different categories:
- Measure of frequency
- Measure of dispersion
- Measure of central tendency
- Measure of position
The frequency measurement displays the number of times a particular data occurs. Range, Variance, Standard Deviation are measures of dispersion. It identifies the spread of data. Central tendencies are the mean, median and mode of the data. And the measure of position describes the percentile and quartile ranks.
This type of statistics is used to interpret the meaning of Descriptive statistics. That means once the data has been collected, analysed and summarised then we use these stats to describe the meaning of the collected data. Or we can say, it is used to draw conclusions from the data that depends on random variations such as observational errors, sampling variation, etc.
Inferential Statistics is a method that allows us to use information collected from a sample to make decisions, predictions or inferences from a population. It grants us permission to give statements that goes beyond the available data or information. For example, deriving estimates from hypothetical research.
In a class, the collection of marks obtained by 50 students is the description of data. Now when we take out the mean of the data, the result is the average of marks of 50 students. If the average mark obtained by 50 students is 88 out of 100, then we can reach to a conclusion or give a judgment on the basis of the result.
Importance of Statistics
- Statistics executes the work simply and gives a transparent picture of the work we do regularly.
- The statistical methods help us to examine different areas such as medicine, business, economics, social science and others.
- Statistics equips us with different kinds of organised data with the help of graphs, tables, diagrams and charts.
- Statistics helps to understand the variability of the data pattern in a quantitative way
- Statistics makes us understand the bulk of data in a simple way
- Statistics is the way to collecting accurate quantitive data