- Business Mathematics
Statistics is a branch of mathematics that deals with collection, presentation, analysis, interpretation and organizing the data available. Normally, it is defined in two senses:
Singular sense – in this sense, we define it as body of methods used to collect, present, analyze and interpret the numerical fact or data.
Plural sense - – in this sense, we define it as the aggregate of numerical facts such as statistics of births, statistics of wages and statistics of males etc.
Characteristics of Statistics
Following are the characteristics of statistics:
- Statistics are expressed in numerical format. Expressions such as young boys, old men are not statistics data.
- Statistics are aggregate of facts and not a single data. Statistics are not about single individual records and his data presentation, interpretation and analysis.
- Data collected in an irregular manner is not a statistical data. Statistics only deals with systematic data which is reliable and trustable.
- Statistic data is collected for a specific purpose. Data collected, presented and analyzed with any predetermined objective is useless.
- Statistics are affected by the various market factors such as interest rates, inflation, demand and supply etc.