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• Sep 2022
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Christopher Smith

19th September 2022

Statistics and probability are everywhere, even though they may not appear so. Statistics are a huge part of everyday life, from the tactics used to deliver the tailored advertisements you see on social media to the bet you make with a buddy on who will win the big baseball game.

When we thoroughly answer the question, "what are statistics and probability?" within the scope of this post, you will realize exactly how important this pillar of mathematics is in your life.

What is Statistics?

Statistics is a branch of applied mathematics that analyses data to reach useful conclusions. Statistics, as described by Investopedia, is "a discipline of applied mathematics that includes the gathering, description, analysis, and drawing of conclusions from quantitative data."

Statistics enables a component of a whole to act as a representation of something larger.

For example, if you wanted to learn about all college students in America, it would be difficult to obtain information on each individual.

Statistics enables you to choose a random sample and better comprehend any element of all students without having unique information for each individual.

Types of Statistics

Statistics may be divided into two major groups. These are their names:

A.) Descriptive statistics aid in painting a picture of a certain data set based on sample measurements of the data. It enables you to summarize the data using summaries. As a result, it focuses on the data's qualities.

B.) For example, you could be curious about how much you normally spend on groceries. You may graph all of your grocery purchases and use statistics to calculate numbers such as the mean (average) or the least and the greatest amount you've spent.

C.) Inferential statistics are used to generate predictions about a population based on information obtained from a sample.

Instead of documenting every single supermarket purchase you've ever made, you may utilize a sample of receipts and record some of your transactions.

Then, using a statistical model, you can anticipate and forecast how much you will spend in the future.

You may also figure out how different variables impact your expenditure by using statistical models (like if the weather plays a role in your purchasing behavior, for example).

Key Terms in Statistics

When working with statistics, you will come across a few crucial concepts regularly.

We shall define them below so that you have a fair notion of what you will need to know.

A.) A sample is a subset of your population.

B.) The population refers to all of the sources from which you wish to collect data.

C.) Variable: A variable is a measurable trait or attribute. It is also known as a data piece.

D.) A parameter, often known as a statistical model, indexes the probability distribution. To name a few, this may be the mean, median, or mode.

Types of Analysis

Statistics and probability are ultimately used to give techniques for individuals to assess data and discover solutions to critical problems. There are two primary forms of data analysis

A.) Quantitative analysis: As the name suggests, quantitative analysis is a numerical process (able to be quantified). To give graphical representations and visual comprehension of data points, this statistical analysis is carried out using numbers and graphs. This makes it simple to identify patterns.

B.) Qualitative analysis is non-statistical in character and descriptive in nature. It may be derived from fundamental information via mediums such as text, music, and visuals.

What is Probability?

There are just a few things that everyone is confident of. Everything else is subject to chance and probability. Probability is a measure of how probable an event is to occur.

When studying probability, the most popular example you've undoubtedly heard about is the possibility of a coin landing on heads or tails when flipped.

Each event has a 50/50 probability of occurring, specifically that you will flip a head or a tail (1 outcome out of 2 possible options).

The general equation for calculating probability is as follows:

The probability that an event will occur is equal to the number of possible outcomes divided by the total number of outcomes.

So, with a coin, you can only fall on heads in one of two ways: either heads or tails (2), which gives you a probability of 12, or 50%.

Probability is not a precise science. It's a probability estimate, thus it can assist to offer a solid indication of what might happen in the future based on data, but it might also be inaccurate.

Data and Statistics: A Main Link

You're probably wondering why we're so obsessed with statistics and probability. The fact is that statistics may be found in a variety of contexts within vocations. This is due to the world's increasing reliance on and utilization of data.

However, despite their close relationship, data and statistics are not the same things. Knowing this essential distinction as a student or professional can aid you in your experiences and career.

Individual facts and pieces of information are referred to as data. Statistics are constructed from data. You employ data to execute the statistical analysis that statistics permits.

Statistics are the outcomes and outcomes of data. It provides a means for individuals to comprehend data.

Data and statistics are critical to operations in industry and academics. Technology, artificial intelligence, and computers have made data collection and statistical analysis easier than ever.

This leads us to our second major point: a degree in computer science can teach you all you need to know about data and statistics.

Learning More: A Degree in Computer Science

You will be able to acquire, handle, store, analyze, and apply data for any purpose if you study computer science.

While completing a degree in computer science may appear difficult, it is quite feasible to do so at your speed and in your own time.

This implies that you may become an expert in data science, analysis, statistics, and probability at a reasonable cost without losing education quality.

Wrapping Up

Statistics and probability may be found everywhere. Look at your weather app and see what % possibility of rain there is – that is probability. Receive your midterm mark, as well as the class average — that's statistics.

Knowing how to use data and statistics may make you a great asset to any business or government agency. The growth of data and statistics shows no signs of abating.

If you believe this is an area in which you would like to work, you might begin by studying computer science!