What is Statistics?

Statistics is a science that deals with collecting, analysing, interpreting, presenting, and organisation of data. It is used in various fields, including science, business, economics, and social sciences, to help understand the data collected in large quantities for accuracy. 

Statistics has two branches under it:  Descriptive statistics and Inferential statistics. Descriptive statistics involves the organisation and presentation of data, including measures of central tendency such as the mean, median, and mode, and actions of dispersion such as the range and standard deviation. Inferential statistics involves using statistical techniques to make predictions or draw conclusions about a larger population based on a sample of data.

Some standard statistical tools and techniques include probability theory, statistical distributions, hypothesis testing, and regression analysis. Understanding statistics is essential for anyone who needs to analyse and interpret data, whether for research, business, or personal purposes. 

Statistics mainly involves observing, understanding, and analysing the data collected from past occurrences to predict future consequences for implementing specific actions. Therefore, statistics as a procedure is used by a number of researchers, businesses and industries such as:

Statistics used in economics include estimating Gross domestic product, joblessness, consumer prices, inflation, and other measures of economic growth.

Statistics used in investing include the usual trading volume, 52-week high and low, beta, and correlations between different types of assets or securities.

Conversion rates, click-through rates, search volume, and social media analytics are specific statistical metrics used in marketing.

Employee happiness, employee turnover, and average pay compared to the market are all statistics in human resources.