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Statistics Can Also Refer To The Art and Science of Collecting, Analyzing, Presenting, and Interpreting Data

Statistics is a branch of mathematics concerned with collecting, organizing, analyzing, and interpreting numerical data. The term comes from the Italian word "statista" and the Latin word "status," meaning the state. It was first used by Gottfried Achenwall in the 18th century to refer to the collection of numerical facts about a state. Statistics can be used in business and economics to understand situations through metrics like averages, medians, and percentages. It involves collecting, analyzing, and presenting quantitative data.

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16 views3 pages

Statistics Can Also Refer To The Art and Science of Collecting, Analyzing, Presenting, and Interpreting Data

Statistics is a branch of mathematics concerned with collecting, organizing, analyzing, and interpreting numerical data. The term comes from the Italian word "statista" and the Latin word "status," meaning the state. It was first used by Gottfried Achenwall in the 18th century to refer to the collection of numerical facts about a state. Statistics can be used in business and economics to understand situations through metrics like averages, medians, and percentages. It involves collecting, analyzing, and presenting quantitative data.

Uploaded by

Deepanjan Sur
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Statistics

A branch of mathematics that is concerned with collecting, classifying, presenting, comparing and interpreting numerical data to
throw light on inquiry.

Italian word statista; Latin word status means the state.

Statistik comes from statista.

First used by Gottfried Achenwall ( 1719 1772 ), a German Professor at Marlborough and Gottingen.

Collection of various data about state.

However, people have been recording data much before 18th century.

The term statistics can refer to numerical facts such as averages, medians, percents, and index numbers that help us understand a
variety of business and economic situations.

Statistics can also refer to the art and science of collecting, analyzing, presenting, and interpreting data.
Applications in Business and Economics

Accounting
Public accounting firms use statistical sampling
procedures when conducting audits for their clients.
Economics
Economists use statistical information in making
forecasts about the future of the economy or some
aspect of it.
Financial advisors use price-earnings ratios and
dividend yields to guide their investment advice.

A variety of statistical quality control charts are used


to monitor the output of a production process.
Production

Electronic point-of-sale scanners at retail checkout


counters are used to collect data for a variety of
marketing research applications.

Data and Data Sets


Data are the facts and figures collected, analyzed,
and summarized for presentation and interpretation.

All the data collected in a particular study are referred

to as the data set for the study.


Elements, Variables, and Observations

Elements are the entities on which data are collected.

A variable is a characteristic of interest for the


Elements (height, gender, salary, income)

The set of measurements obtained for a particular


element is called an observation.
The total number of data values in a complete data
set is the number of elements multiplied by the
number of variables.

Scales of measurement include:


Nominal
Ordinal
Interval
Ratio

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