The two major types of statistics are descriptive statistics and inferential statistics. Each of these statistical segments serves specific purposes, and they are used to accomplish different objectives.
Continue ReadingDescriptive statistics is used to describe and summarize data. Numerical measures such as average, standard deviation and correlation are used to describe the features of a set of data. Inferential statistics studies a statistical sample and, through analysis, is able to say something about the population from which the sample came. Because it is difficult to examine each member of the population individually, a representative sample is used to make estimations, correlations and predictions using the data.
Learn more about StatisticsMisleading statistics are statistics that people use to defend bad or misleading arguments, often in an unfair or deceitful way. Bad sampling, whether due to bias or skewed sample sizes, can lead to a misleading statistic.
Full Answer >The coefficient of variation is used in statistics to measure distribution. It can be found from the ratio of the standard deviation over the mean of a set of numbers to calculate both probability and frequency. When it is used in finance, the mean is considered the expected return.
Full Answer >Statistics 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 >Accountants in various fields, including auditors, forensic accountants, controllers and risk accountants, use statistics to accomplish their professional duties. Accountants who conduct audits use samples that are statistically representative of a data base because it is almost impossible to collect all the data needed in a short period of time. Auditors typically use this method when conducting a reliability assessment to determine the accuracy of the data being audited.
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