In the present world, the field of statistics is changing quite fast. Due to the technological changes, a large number of changes are also occurred in statistics. The tools and techniques of statistics are used in number of other disciplines that include management sciences, finance, marketing, social sciences, medicines and many others.
The essential purpose of statistics is to analyze the situation and make the decision about particular scenario. A number of decisions are made on the basis of statistical findings. In universities and colleges, assignment or project are assigned to the students that require extensive research in order to analyze situation and draw conclusion as well as recommendation. Therefore, a lot of students take help from the statistical tools and techniques for the purpose to gain success in their assignment or project.
Furthermore, many businesses or professions also take the help from statistics in order to do business researches such as marketing research, finance research, etc.
In marketing research, a company or business conducts a research from the customers in order to take their insights about new product of company. However, this can only happen by the data collection tools and techniques of statistics. In addition, it generally helps the company in order to estimate the future of the new product.
Generally, the data collection tools and techniques of statistics are used in academics, professions, and also in our daily lives. All of us can make our daily life decisions on the basis of statistical thinking.
In addition, we also used statistics in our daily life conversation. For instance, if one can say that he burns calories per day with the help of various exercises. Therefore, this statement shows the statistical thinking of a person. This clearly shows that person can generate the result on his daily exercising activities. Particularly, statistics has five main steps which need to be followed in order to draw the conclusion about something.
The study of statistics is quite helpful for any person whether he is business professional, student, employee or a lay man. It increases the quality in the life of humans. Nowadays, people are willing to use statistical tools and techniques in their day to day actions in an excessive manner.
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Statistics is a wide ranging academic discipline. It has numerous concepts and theories. The concepts and theories are quite complex and it creates lot of problems for the students.
As it has been mentioned before that thousands of people are use statistical techniques for the purpose to make decisions in the regular life. Currently, the people from all the professions use statistical techniques in order to analyze different situations which significantly impact the performance of the professionals. In addition, statistical methods are also used in the war like situations.
Decision making plays an important role in war like situation; however without using the statistical thinking one cannot take effective or efficient decisions. A lot of other professional examples also explain the importance of statistics.
For instance, the economic issues that include wages, GDP, demand and supply, inflation and many others have significantly affect the economy of a particular country.
However, these problems will be solved by doing the analysis of historical and current data with the help of statistical methods or techniques. These methods will help the economics to identify the problems and give recommendations in order to solve the economic issues. Moreover, management sciences also take the help of statistics in order to solve the managerial issues. Particularly, marketing management, financial management as well as research courses heavily depends on the statistics methods and approaches.
In these courses, one can consider hypothetical conditions which might be tested through statistical tests or analysis. The purpose of statistical testing is to reject or approve hypothetical assumptions. Furthermore, other professions such as medicine, armed forces, engineering, etc. For instance, doctors can analyze the medical history of patients before suggesting him a treatment in order to prevent the disease.
In addition, armed forces also use statistical methods for the purpose to make strategies. Strategies require extensive scientific knowledge and assumptions which cannot be achieved without taking the help from the area of statistics. In the field of statistics, a lot of ways through which one collects the data. The purpose of data collection is to make future predictions or derive solutions for the present problems.
One of the major tasks in the field of statistics is to collect the data; however the analysis of findings and conclusion comes later. Data collection tools include questionnaire, focus group, in-depth interviews and many others. It is necessary that the data collection tool should be designed or selected as per the type of research or the attributes of the population.
All the researches are mainly based upon the data collection methods; however one is unable to conduct a research without collecting the data.
In statistics, there are numerous data collections methods are used for conducting a research in which some of them are experimental studies and observational studies, sampling, etc. In the causal studies, the data collection method such as experimental as well as observational are used in order to gather the data from population.
Causal study is the type of quantitative research. In this kind of study, researcher finds the cause and effect among two variables. Researcher constructs a hypothetical condition which called hypothesis between the variables so that cause and effect will be determined. Work performance and stress is one of the best examples of the causal studies. Moreover, the researcher mostly collects the data through observation or experimental methods in the causal studies.
In the observational method, researchers can closely observe the activities of respondents for the purpose to collect the data. For instance, use of mystery shoppers is one of the best examples of data collection through observations. On the other hand, researcher can design an experiment for the respondents in order to do data collection.
The other kind of data collection method is sampling. It is also used as the method of data collection through which researcher gathers the responses from the participants about a particular issue or problem. Sampling data collection method is used to collect responses from the large population. Sampling is the most preferable data collection methods for the qualitative studies.
In sampling, it is convenience to collect large amount of data in a few time. Furthermore, sampling data collection method has two kinds that include probability sampling and non-probability sampling. Probability sampling data collection method is also known as the random sampling. In this kind of data sampling technique, researcher is free to choose the elements from the sample on a random basis.
It means that all the elements of the sample have an equal chance to select by the researcher. On the other side, non-probability sampling is also the data collection method. In this type of sampling, researchers have the authority to choose or select only those elements that are convenience to select. In the field of statistics, it is necessary for the researches to first identify the type of data before collecting the data.
The reason is that if the data collection tool is not equivalent with the data type, then it will be interpreted in a wrongful manner.
Statistics has different kinds of data categories which should be identified in order to do correct data analysis. Statistics is the field of study or an academic discipline which mainly comprises on data. The fundamental function of statistics is to gather data for the purpose to draw conclusions or solve complex issues with the help of logical reasoning. It is better to categorize the data first before starting the data collection. In addition, categorization of data also helps the researcher in order to best data collection method.
Particularly, there are seven main fundamental kinds of data which is used in the field of statistics. The seven types of data are ordinal, categorical, binary, real valued multiplicative, real valued additive, count and binomial. Each data type has its specific characteristics that should be incorporate with the data collection methods. The description of all data types are given below:. Ordinal is the data type in the field of statistics. In this type of data, the data represents in the form of real numbers as well as integers till the level of arbitrary.
Ordinal scale is the level of measurement which is used to measure ordinal data. For instance, the salary of a person is considered as the example of ordinal data. It is considered one of the toughest subjects and students face a lot of difficulties in understanding the concepts and methods of statistics.
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