Meaning of Statistics

Statistics is a branch of applied mathematics that involves the collection, description, analysis, and
inference of conclusions from quantitative data.

The mathematical theories behind statistics rely heavily on differential and integral calculus, linear
algebra, and probability theory.

Meaning of Statistics in Education

It refers to techniques or methods relating to the collection, classification, presentation, analysis, and
interpretation of quantitative data.

Statistics may be defined as the collection, presentation, analysis, and interpretation of numerical data.

Statistics simply means numerical data and is the field of math that generally deals with the collection of
data, tabulation, and interpretation of numerical data. It is actually a form of mathematical analysis that
uses different quantitative models to produce a set of experimental data or studies of real life.

Definition of Statistics in Research

Statistics is a branch of science that deals with the collection, organization, and analysis of data and
drawing inferences from the samples to the whole population.

This requires a proper design of the study, an appropriate selection of the study sample, and the choice of
a suitable statistical test.

Importance of Statistics

It provides the exact description and a better understanding. It helps in designing the effective and
proper planning of the statistical inquiry in any field. It gives valid inferences with reliability measures
about the population parameters from the sample data.

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Importance of Statistics in Our Daily Life

It keeps us informed about, what is happening in the world around us.

Statistics are important because today we live in the information world and much of this information's
determined mathematically by Statistics. It means to be informed correct data and statistics concepts are
necessary.

Importance of Statistics in Business

Statistical research in business enables managers to analyze past performance, predict future business
practices, and lead organizations effectively. Statistics can describe markets, inform advertising, set
prices, and respond to changes in consumer demand.

Importance of Statistics in Medicine

Health statistics are used to understand risk factors for communities, track and monitor diseases, see the
impact of policy changes, and assess the quality and safety of health care. Health statistics are a form of
evidence or facts that can support a conclusion.

Importance of Statistics in Business and Finance

Statistics important in Business statistics offers data to managers who help them to make successful
decisions based on fundamental values rather than intuitions. Statistics is used to analyze the data and
make interpretations, whether for sales estimation, introducing a new product line, making new
production strategies, etc.

Important Terms in Statistics

1)Population

2) Sample

3) Sampling

4) Variables

5) Data

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The Two Basic Divisions of Statistics

Descriptive and Inferential Statistics

The two major areas of statistics are known as:

1) Descriptive statistics, which describes the properties of sample and population data

Descriptive statistics include mean (average), variance, skewness, and kurtosis.

2) Inferential statistics, which uses those properties to test hypotheses and draw conclusions.

Meaning of Data

Data are individual pieces of factual information recorded and used for the purpose of analysis. It is the
raw information from which statistics are created. Statistics are the results of data analysis - its
interpretation and presentation.

Data Types in Statistics

Quantitative data and qualitative data. This highest level of classification comes from the fact that data
can either be measured or can be an observed feature of interest.

Qualitative data are also referred to as categorical data.

Quantitative data is provided in numerical form, like the weight, volume, or cost of an item.

Qualitative data is descriptive, but non-numerical, like the name, sex, or eye color of a person.

Meaning of Data and Variables in Statistics

Data refers to a set of values, which are usually organized by variables (what is being measured) and
observational units (members of the sample/population).

Meaning of Information

Information is defined as knowledge gained through study, communication, research, or instruction.

Essentially, information is the result of analyzing and interpreting pieces of data. Whereas data is
individual figures, numbers, or graphs, information is the perception of those pieces of knowledge.

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For example, a set of data could include temperature readings in a location over several years. Without
any additional context, those temperatures have no meaning. However, when you analyze and organize
that information, you could determine seasonal temperature patterns or even broader climate trends.
Only when the data is organized and compiled in a useful way can it provide information that is beneficial
to others.

The Key Differences Between Data vs Information

Data is a collection of facts, while information puts those facts into context. While data is raw and
unorganized, information is organized.

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Data is defined as a collection of individual facts or statistics. (While “datum” is technically the singular
form of “data,” it’s not commonly used in everyday language.) Data can come in the form of text,
observations, figures, images, numbers, graphs, or symbols.
For example, data might include individual prices, weights, addresses, ages, names, temperatures, dates,
or distances.
Data is a raw form of knowledge and, on its own, doesn’t carry any significance or purpose. In other
words, you have to interpret data for it to have meaning. Data can be simple—and may even seem useless
until it is analyzed, organized, and interpreted.

• The Key Differences Between Data vs Information

Data is a collection of facts, while information puts those facts into context.
While data is raw and unorganized, information is organized.
Data points are individual and sometimes unrelated. Information maps out that data to provide a big-
picture view of how it all fits together.
Data, on its own, is meaningless. When it’s analyzed and interpreted, it becomes meaningful information.
Data does not depend on information; however, information depends on data.
Data typically comes in the form of graphs, numbers, figures, or statistics. Information is typically
presented through words, language, thoughts, and ideas.
Data isn’t sufficient for decision-making, but you can make decisions based on information.

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Main Sources of Data
Data can be gathered from two places: internal and external sources. The information collected from
internal sources is called “primary data,” while the information gathered from outside references is called
“secondary data.”
In data analysis, it must be collected through primary or secondary research.

The 6 sources of data

The most commonly used methods are:
1)published literature sources, surveys (email and mail), interviews (telephone, face-to-face, or focus
group), observations, documents and records, and experiments.

What is data collection?

Data collection is a systematic method of collecting and measuring data gathered from different sources
of information in order to provide answers to relevant questions. An accurate evaluation of collected data
can help researchers predict future phenomenon and trends.

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Data collection can be classified into two, namely: primary and secondary data. Primary data are raw data
i.e. fresh and are collected for the first time. Secondary data, on the other hand, are data that were
previously collected and tested.

Methods of Data Collection

The system of data collection is based on the type of study being conducted. Depending on the
researcher’s research plan and design, there are several ways data can be collected.

The most commonly used methods are: published literature sources, surveys (email and mail),
interviews (telephone, face-to-face or focus group), observations, documents and records, and
experiments.

1. Literature sources
This involves the collection of data from the already published text available in the public domain.
Literature sources can include textbooks, government or private companies’ reports, newspapers,
magazines, online published papers, and articles.

This method of data collection is referred to as secondary data collection. In comparison to primary data
collection, tt is inexpensive and not time-consuming.

2. Surveys
The survey is another method of gathering information for research purposes. Information is gathered
through a questionnaire, mostly based on individual or group experiences regarding a particular
phenomenon.

There are several ways by which this information can be collected. The most notable ways are web-based
questionnaires and paper-based questionnaires (printed form). The results of this method of data
collection are generally easy to analyze.

3. Interviews
Interview is a qualitative method of data collection whose results are based on intensive engagement
with respondents about a particular study. Usually, interviews are used in order to collect in-depth
responses from the professionals being interviewed.

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Interviews can be structured (formal), semi-structured, or unstructured (informal). In essence, an
interview method of data collection can be conducted through face-to-face meetings with the
interviewee(s) or through telephone.

4. Observations
Observation method of information gathering is used by monitoring participants in a specific situation or
environment at a given time and day. Basically, researchers observe the behavior of the surrounding
environments or people that are being studied. This type of study can be controlled, natural or
participant.

Controlled observation is when the researcher uses a standardized procedure of observing participants
or the environment. Natural observation is when participants are being observed in their natural
conditions. Participant observation is where the researcher becomes part of the group being studied.

5. Documents and records

This is the process of examining existing documents and records of an organization for tracking changes
over a period of time. Records can be tracked by examining call logs, email logs, databases, minutes of
meetings, staff reports, information logs, etc.

For instance, an organization may want to understand why there are lots of negative reviews and
complaints from customers about its products or services. In this case, the organization will look into
records of their products or services and recorded interactions of employees with customers.

6. Experiments
Experimental research is a research method where the causal relationship between two variables are
being examined. One of the variables can be manipulated, and the other is measured. These two variables
are classified as dependent and independent variables.

In experimental research, data are mostly collected based on the cause and effect of the two variables
being studied. This type of research is common among medical researchers, and it uses a quantitative
research approach.

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