Statistics – It is the study or discipline that concerns the conclusion, presentation, analysis, organization, collection, and interpretation of data that is based on the planning of data collection in terms of the design of experiments and surveys. It plays an important role in the growth and development of a country. Statistics is a mathematical body of science, which affects to the interpretation, collection, analysis, and presentation of data.

There are several sampling techniques that may be used in compiling statistical data which involve cluster, systematic or stratified sampling, and simple random. Statistics are used in each department of every company that is an integral part of investing as well.  Statistics are used as a virtually all scientific disciplines including the physical and social sciences and also in business. It is also basically a branch of applied mathematics, which was developed from the application of several mathematical tools that involves calculus and linear algebra to probability theory.

There are two important or main ideas that are involved in statistics such as variation and uncertainty. The variation and uncertainty fields are different fields, which may be determined with the help of statistical analysis. Fundamentally, these uncertainties are determined by the probability that plays an important role in statistics whereas variation is the measurement of spread or the collection of data for any company.

Types of statistics – There are two main types of statistics – inferential statistics that uses those properties to examine hypotheses and draw conclusions while descriptive statistics explains the properties of sample and population data.

1. Inferential Statistics – This type of statistics allows us to make descriptions of data, and draw conclusions and inferences from the respective data. A person may conclude what a population or people can think or how it has been affected by taking sample data. Mostly it is used in deriving estimates about a huge population and drawing conclusions that are based on the data on hypotheses methods. This type of statistics uses sample data as it is more inexpensive and less tedious as compared with collecting data from a whole population.
2. Descriptive Statistics – Mostly, description statistics concentrates on the distribution of sample data, variability, and central tendency. All these methods offer a summary of the data that help in identifying relationships and patterns. The main purpose of descriptive statistics is to offer an overview of the data, explain and summarize the important features of a dataset, and help in identifying the relationships and patterns. This type of statistics also offers a valuable or useful starting point to examine data because it can help to summarize key characteristics of the data, inform the selection of suitable statistical methods, and help to identify outliers.