Statistics

We have been introduced to ‘Statistics’ since our school days. In our lower grades the statistics we got introduced is mean, median, mode, etc. As we progressed higher, we got introduced to many complex statistical operations like Standard deviation, variance, various coefficients, etc. Coming to the application side of Statistics, it has been used in various fields, irrespective of any disciplinary boundaries.  Currently many software and applications are available to assist for accurate and rapid calculations.

The name ‘Statistics’ is ultimately derived from the Latin word ‘Statisticum collegium’ which means – council of state – and the Italian word ‘Statista’ which means – statesmen or politician. It was first introduced by The German Scientist, ‘Gottfried Achenwall’ in 1749 in order to analyse the data about the state.

Statistics can be defined as a tool that is used to derive useful information from a set of data. The process through which the data is extracted from a set of data can be efficiently explained by using the DCOVA framework.

DCOVA stands for:

Define the data that aid to conduct the topic of interest.

Collect the data from the relevant sources.

Organize the data that we have collected.

Visualize the data collected using charts and graphs.

Analyse the data to describe or predict the desired conclusions and present the results.

Based on the outcomes or end results Statistics can be mainly divided into two – Descriptive Statistics and Inferential Statistics.

Descriptive statistics are used to describe or summarize our data whereas Inferential Statistics are used for making inferences or observations.

REFERENCE:

1. Wikimedia Foundation. (2021, May 6). History of statistics. Wikipedia. https://en.wikipedia.org/wiki/History_of_statistics.
2. Rowntree, D. (2018). Statistics without tears an introduction for non-mathematicians. Penguin Books.
3. Levine, D. M., Szabat, K. A., & Stephan, D. (2020). Business statistics: a first course. Pearson.