Statistics

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What is 'Statistics'

A type of mathematical analysis involving the use of quantified representations, models and summaries for a given set of empirical data or real world observations. Statistical analysis involves the process of collecting and analyzing data and then summarizing the data into a numerical form.

BREAKING DOWN 'Statistics'

Statistics is a general term used to summarize a process that an analyst, mathematician or statistician can use to characterize a data set. If the data set is based on a sample of a larger population, then the analyst can extend inferences onto the population based on the statistical results from the sample.

Some statistical measures include regression analysis, mean, kurtosis, skewness, analysis of variance and variance.

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RELATED FAQS
  1. What is the difference between variance and standard deviation?

    Explore the differences between standard deviation and variance. Learn more about how statisticians use these two concepts. Read Answer >>
  2. What percentage of the population do you need in a representative sample?

    Learn about representative samples and how they are used in conjunction with other strategies to create useful data with ... Read Answer >>
  3. What's the difference between a representative sample and a convenience sample?

    Learn the difference between convenience sampling and representative sampling and the advantages and disadvantages of each ... Read Answer >>
  4. What's the difference between a representative sample and a random sample?

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  5. What data does the Bureau of Labor Statistics collect?

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  6. How can a representative sample lead to sampling bias?

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