Friday, November 18, 2011

Statistics

Statistics is the collection of theory and methods used and applied for understanding data. Statistics are used to provide empirical evidence that tend to support or repute theory used in various behavioral sciences. It is also used in explaining results of research studies, analyzing data, planning and decision making. It is used in business mathematics, math, weather, games, structured settlement, Forex, taxing, debt management, credit report, accounting, finance, contract management etc.
It is used by business managers, stock broker, weather forecasters, tax attorney, investors, accountants, contract management software, accounting software, auto insurance companies etc.

Properties of statistics

  1.        Variables. These are the different values of changes found when studying a group, characters, measures, or grades. E.g. people vary on height, degree grades or majors while being in the same university.
  2.         Constants. These are characteristics that assume same value for all items or members of a group of a study. E.g. male or female, university degree, online degree etc.

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