Statistics – Part 1

Statistics is a study of methods for data collection, analysis, and interpretation, and principles of experimental design.

What is Data?
Data is any set of values. It could be qualitative or quantitative. In a simple words, data is collection of values or numbers or anything that gives some sense of information.

Is data good or bad?
Well to put it simply, data can be both. If we can get some useful information from that data, deduce something by going through it, then data is generally considered good.
But is it really so?
Even the good data can still be further classified as good or bad. Confusing, isn’t it?

Think about these questions:
How much of that data is useful?
Is it valuable?
What is the quality of data?
Is the data biased? 

You got the gist, right? When we ask these questions we slowly begin to understand whether data is good or not.

How is data collected?
The data is collected through observations and measurements.

What type of data is there?
Data can be broadly divided into 2 parts:

  • Primary data (collected by us)
  • Secondary data (collected by others)

What is importance of organised data?
Organised data help us to understand it more easily. We save time and money. It allows us to make good decision. It helps us work with precision.

How do we represent data?
There are many ways that data can be represented. The most common of them all are:

  • Tables
  • Charts
  • Graphs

There are several other ways to plot our data such as dot plot, histogram, pie charts, etc. We’ll go through these in upcoming posts.

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