What is Statistics?
Statistics can tell a story!
Statistics is the most fundamental science to take out meaningful insights from the data. This can be done by analyzing data with different statistical tools. Whatever information we get out of data is useful for decision-making.
For example, if we want to tell someone the prices of houses in a particular area, then we cant tell like these road-side houses are of x price and that road-side houses are of y price and so on. As there can be multiple roads and landmarks, we must tell the average (middle figure) of all the prices. This is the basic statistical analysis regarding prices.
Statistics are of two types Descriptive Statistics and Inferential Statistics.
Descriptive Statistics :
It is a method to describe the features of data in terms of numbers by organizing, summarizing the data in an informative way.
For example, in a hotel, how many customers come on a weekday or on a weekend, which dish is in more demand. These kinds of questions are answered by descriptive statistics.
Inferential Statistics :
After collecting the summarized information we can predict various things about the population on basis of sample data. The population is an entire set of data and a sample is a portion of data.
For example, if the customer is going to purchase insurance or not. It is the method of predicting whether this would happen or that would happen.
This article cover definition of statistics, types of statistics i.e. descriptive and inferential statistics.
