Statistics is the collection of collecting, analysis, and interpretation of data. Students who are studying this field often need statistics assignment help to complete their academic work.
Do you know why? Because statistics is not an easy subject, like programming assignments, statistics work is also tough to do. If you are also one of them, then study this article where we will study many things about statistics. But first, let’s understand its meaning.
What are Statistics and their Examples?
It is a discipline that aspects every aspect of data. It also helps us to choose the best method for collecting the data & allows its analysis to get the best result for this data. In short, it is a necessary process that helps us to take important decisions based on data.
The primary objective of statistics is to plan the collected data for the statistical surveys & experimental designs. It is also a mathematical science that works with numerical data & helps us to decide based on data.
For example:
- Health sector: Statistics and probability are used by health insurance companies to check the annual health care expenses of the individual based on data. For example, these companies need variables like age, current health status, yearly health expenses, etc. Based on this, we can calculate the total cost someone will do for the health expense. To know more about it, ask for make my homework in Canada.
- Business: A lot of consumer goods use the statistics method. Since the firms are commonplace commodities, they use statistics to analyze which items are or are not in stock.
- Traveling Industry: Each country has its season and potential to profit from the tourism sector. Statistical analysis determines the no. of arrivals, departures, and expenditures. It also aids the government in identifying tourist hotspots we well as foreign travelers etc.
Thus, these examples prove that the statistics discipline is used in different types of businesses and industries. If you want more models, get the best Statistics Assignment Help here. Now let’s understand its difference.
Difference between Descriptive Statistics and Inferential Statistics
Descriptive & Inferential statistics are two types in the field of statistics. In this section, we will talk about their significant differences
| Basics | Descriptive Statistics | Inferential Statistics |
| Definition
|
Use to summarise the variable or sample of data.
Use one variable at a time to analyze the relationship between two variables.
|
Uses various analytical tools to conclude the population data from the given data.
Summarise the features of the given data.
|
| Use
|
Describes, organizes & presents the data in a meaningful way using different charts & graphs.
|
Predicts, Tests, and Compares data from various samples.
|
| Tools | Uses two tools Measure of Dispersion & Central Tendency.
Summarise data in a way that is used for further Analysis & Predictions.
|
Two Tools” Regression Analysis & Hypothesis Testing.
Summarise the samples to conclude the population.
|
Types of Descriptive Analysis
As we above already discuss its tools, let’s explain one by one:
- Central Tenancy: It mainly focuses on the average or middle values of data sets, whereas another one mainly focuses on the dispersion of data. Both focus on the graphs, tables & general discussion for data analysis.
The central tendency also explains the central point of placement for the data set. It also analyses the frequency of each data point in the distribution & describes it by median, mean, and mode.
- The measure of Variability: It helps analyze data dispersion. For example, a measure of the tendency may give a person the data set’s average, but it never explains how the data is divided within the group. You have to ask me to make my homework in Canada.
Types of Inferential Statistics
As we above already discuss its tools, lets us explain one by one:
- Regression Analysis: It is one of the most powerful statistical tools that allow you to examine the relationship between more than two variables. While there are several variables, they always examine the influence of one or more independent variables at the core. To understand it better, seek statistics assignment help.
- Hypothesis Testing: It works in the statistics field that analyses and examines the population parameter’s assumptions. The data for this testing is used for a large population or a large amount of data generating process. Ask for making my homework in Canada to know it better.
So we already explain the different types of statistics, and now we will discuss their importance.
Importance of Statistics
The field of statistics plays a vital role in human activity. It determined various things like per – capita, income, unemployment, population, housing, and medical facilities in a country. Let’s discuss one by one these:
1. Business
It plays a very role in the business. A successful business plan is concerned with all the production according to its customer quality of products by using statistical methods. The company makes the right decisions about the location of the business, financial resources, etc. Seek the statistical Assignment Help to know more about it.
2. Economics
It depends upon the statistics. In economic research, such methods are also used to analyze the data & test hypotheses. The relationship between demand and supply, imports & exports, and per capita incomes required good knowledge of statistics. Ask for making my homework in Canada to know it better.
3. Mathematics
This discipline also plays a significant role in all the natural and social sciences, and Statistics also accurately gives precise measurements because it is a branch of applied mathematics. Many methods like probability, dispersions, estimation & different techniques of pure mathematics are also used in statistics.
4. Banking
Statistics plays a significant role in the banking industry. Banks used this discipline for several purposes. The banks earn money when they give a large amount of money as a loan. They used a statistical approach to count the estimated number of deposits using probability. Get statistical assignment help to know more about it.
5. Administration of the states
Statistics is essential for the administration of any country. When the government makes policies, they need accurate data, and only it can set its target and plan.
The preparation of the federal and statistical methods also helps in the expenditures & revenue from different types of sources. So we can say that statistics are the eyes of the administration.
Thus, these points already prove that statistics are used in various fields. If you are pursuing this discipline in any Australian university, get assistance from my essay mate platform. It is one of the best assignment help platforms in all over Australia. Many students call it the top Statistics Assignment Help all over Australia. Do you know why? Because they provide many services like.
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