The purpose of statistics is to allow sets of data to be compared so that analysts can look for meaningful trends and changes. Analysts review the data so that they can reach conclusions regarding its meaning. Statistics allow people to see how things are or are not correlated and how a change in one variable might affect another.
Continue ReadingStatistics are used by marketing firms, companies that delve in the financial world, researchers, manufacturing organizations and government groups. Without statistics, the numerical information collected is useless. A goal of statistics is to find meaning in the provided data and determine what variations are meaningful and which ones occur merely by chance.
Learn more about StatisticsStatistics are a methodology necessary in the field of statistics and are used to collect, analyze and evaluate data. Economics depends heavily on the use of statistics.
Full Answer >Descriptive statistics are statistics that describe the central tendency of the data, such as mean, median and mode averages. Variance in data, also known as a dispersion of the set of values, is another example of a descriptive statistics. Greater variance occurs when scores are more spread out from the mean. Descriptive statistics summarize data.
Full Answer >The box-and-whisker plot is a technique in statistics that graphically shows the distribution of a set of data involving the minimum and maximum values, as well as the first, second and third quartiles. The plot is typically drawn using a number line.
Full Answer >Descriptive statistics are descriptions of the main factors of a group of data or a summary of the information. These statistics give a snapshot of the information that has been gathered. This type of information is often used when there are so many variables in a data cluster that it would be nearly impossible to list or graph every single factor of the information.
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