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THE MANY WAYS YOU CAN USE STATISTICS – BUSINESS, FINANCE, SCIENCE,

MEDICAL, ECONOMICS, AND MUCH MORE.

Statistics is handled efficiently in myriad ways in the field of data analysis. Statistical

analysis is a module of data analytics. A representative selection from a total population is

drawn and the data collected is scrutinized so that the sample data speaks for a set of items

dealt with, in the framework of business intelligence. It involves a description of the nature of

data that is to be analysed, drawing a parallel between the sample data selected and the

underlying population, coming up with a model that recapitulates the understanding of how

the sample data is in regard to the total population, substantiating the standpoint that the

model is reliable, and making use of predictive analytics in order to enlist possible scenarios

that make the study relevant, paving the way for further research.

Demography and statistics are yet another link that is often explored, making utmost use of

statistical analysis for the population study, research, administration, etc. Records of births,

deaths, marriages, immigration and emigration and census of population provide data that

help in making sound decisions about national policies, writing reports of our country, doing

an analytic study of the welfare of our country, enabling each and every sector to know, learn

and equip ourselves better, suiting to the demographic component.

Any kind of data, nominal or ordinal, can be represented using pie charts. Qualitative or

descriptive information come under nominal data whereas ordinal data is quantitative. Both

these kinds of data can be displayed statistically using pie charts. Usually, about ten

categories or fewer can be put together in proportion to display relative data.

Quantitative data can be put to analysis using frequency analysis which is a part of

descriptive statistics. In statistics, the frequency is the number of times an event occurs. It

deals with the count of occurrences and examines measures of central tendency, dispersion,

percentiles, etc.

Among software that enables handling of statistical data, the ‘Statistical Package for the

Social Sciences’ (SPSS) is a set of programs for operating, analyzing, and displaying data;

the package being extensively used in the social and behavioral sciences.

© 2017-2018 All Rights Reserved, No part of this document should be modified/used without prior consent

Statswork ™ - www.statswork.com INDIA: Nungambakkam, Chennai – 600 034

UK: The Portergate, Ecclesall Road, Sheffield, S11 8NX

It is used to do investigative data analysis and descriptive statistics. Among the two, this

software is used to create histograms, frequency distributions, stem, and leaf plots and to

compute the typical measures of central tendency (mean, median, and mode), dispersion

(range, semi-interquartile range, and standard deviation / variance), and of kurtosis.

R is a cohesive group of software amenities for a data operation, calculation, and graphical

demonstration. It includes an operative data management and storage ability, a set of

operatives for controls on collections, in specific matrices, a large, intelligible, combined

assortment of transitional tools for data analysis, graphical accommodations for data analysis

and display, and a simple, robust and active programming language.

This way, statistics is used to collect, analyze and interpret data concerning various fields

such as biostatistics, business analytics, demography, econometrics, geostatistics, quality

control, statistical finance, operations research, etc.