Statisitcs08 Feb 2018
Statistics is not just fun and facts, it’s more than that. You can relate that the largest earthquake was measured to be 9.x on the vector scale, Men are ten times more tend than women to commit murders, one in every eight South African is HIV positive. These are inferred using Statistics. LoL, Let’s move beyond this!
Predicting election winners, weather, stocks, effectiveness of drugs, quality of product etc. are calculated and estimated using Statistics. Statistics are the key concept of our daily life now. Accurate data, good predictive models and powerful machine can estimate more accurately, and know what, we are moving towards sophistication fast like never before.
Statistics is collection, analysis, interpretation and visualization of data. Data must be correct, more is the data more accurate will be the predictions.
There are mainly two types of Statistics, they are:
- Descriptive Statistics.
- Inferential Statistics.