Branches and application of statistics
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Two main branches of statistics are described: descriptive statistics and inferential statistics. Descriptive statistics focuses on collecting, summarizing, and presenting data, while inferential statistics analyzes sample data to draw conclusions about the overall population. Statistics has many applications including actuarial science, biostatistics, business analytics, demography, econometrics, environmental statistics, epidemiology, geostatistics, operations research, population ecology, psychology, quality control, and various fields of physics.
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Branches and application of statistics
- 1. SUBJECT:Branches and application of statistics Submitted To: Madam Wajiha Nasir Submitted By: Muhammad Irfan Hussain Roll # 39 Bs 3rd Semester(Regular)
- 2. The Branches of Statistics Two branches, descriptive statistics and inferential statistics, comprise the field of statistics. Descriptive Statistics The branch of statistics that focuses on collecting, summarizing, and presenting a set of data. EXAMPLES: The average age of citizens who voted for the winning candidate in the last presidential election, the average length of all books about statistics, the variation in the weight of 100 boxes of cereal selected from a factory's production line. INTERPRETATION: You are most likely to be familiar with this branch of statistics, because many examples arise in everyday life. Descriptive statistics forms the basis for analysis and discussion in such diverse fields as securities trading, the social sciences, government, the health sciences, and professional sports. A general familiarity and widespread availability of descriptive methods in many calculating devices and business software can often make using this branch of statistics seem deceptively easy. Inferential Statistics The branch of statistics that analyzes sample data to draw conclusions about a population. EXAMPLE: A survey that sampled 2,001 full-or part-time workers ages 50 to 70, conducted by the American Association of Retired Persons (AARP), discovered that 70% of those polled planned to work past the traditional mid-60s retirement age. By using methods discussed in Section 6.4, this statistic could be used to draw conclusions about the population of all workers ages 50 to 70. INTERPRETATION: When you use inferential statistics, you start with a hypothesis and look to see whether the data are consistent with that hypothesis. Inferential statistical methods can be easily misapplied or misconstrued, and many inferential methods require the use of a calculator or computer.
- 3. APPLICATION OF STATISTICS Actuarial science Is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. Biostatistics Is a branch of biology that studies biological phenomena and observations by means of statistical analysis, and includes medical statistics. Business analytics Is a rapidly developing business process that applies statistical methods to data sets (often very large) to develop new insights and understanding of business performance & opportunities Chemo metrics Is the science of relating measurements made on a chemical system or process to the state of the system via application of mathematical or statistical methods. Demography Is the statistical study of all populations. It can be a very general science that can be applied to any kind of dynamic population, that is, one that changes over time or space. Econometrics Is a branch of economics that applies statistical methods to the empirical study of economic theories and relationships. Environmental statistics Is the application of statistical methods to environmental science. Weather, climate, air and water quality are included, as are studies of plant and animal populations. Epidemiology Is the study of factors affecting the health and illness of populations, and serves as the foundation and logic of interventions made in the interest of public health and preventive medicine.
- 4. Geostatistics Is a branch of geography that deals with the analysis of data from disciplines such as petroleum geology, hydrogeology, hydrology, meteorology, oceanography, geochemistry, geography. Operations research Is an interdisciplinary branch of applied mathematics and formal science that uses methods such as mathematical modeling, statistics, and algorithms to arrive at optimal or near optimal solutions to complex problems. Population ecology Is a sub-field of ecology that deals with the dynamics of species populations and how these populations interact with the environment. Quantitative psychology Is the science of statistically explaining and changing mental processes and behaviors in humans. Psychometrics Is the theory and technique of educational and psychological measurement of knowledge, abilities, attitudes, and personality traits. Quality control Reviews the factors involved in manufacturing and production; it can make use of statistical sampling of product items to aid decisions in process control or in accepting deliveries. Statistical finance An area of econophysics, is an empirical attempt to shift finance from its normative roots to a positivist framework using exemplars from statistical physics with an emphasis on emergent or collective properties of financial markets. Statistical mechanics Is the application of probability theory, which includes mathematical tools for dealing with large populations, to the field of mechanics, which is concerned with the motion of particles or objects when subjected to a force.
- 5. Statistical physics Is one of the fundamental theories of physics, and uses methods of probability theory in solving physical problems. Statistical thermodynamics Is the study of the microscopic behaviors of thermodynamic systems using probability theory and provides a molecular level interpretation of thermodynamic quantities such as work, heat, free energy, and entropy.