What is Statistics?

Statistics is the study of the collection, analysis, interpretation, presentation, and organization of data. It is a method of collecting and summarising the data. This has many applications from a small scale to large scale. Whether it is the study of the population of the country or its economy, stats are used for all such data analysis.

Statistics has a huge scope in many fields such as sociology, psychology, geology, weather forecasting, etc. The data collected here for analysis could be quantitative or qualitative. Quantitative data are also of two types such as: discrete and continuous. Discrete data has a fixed value whereas continuous data is not a fixed data but has a range. There are many terms and formulas used in this concept. See the below table to understand them.