What is Statistics?

It is the branch of study where we use mathematical formulas to solve a problem statement. Unlike Software Engineering where we use programming skills to develop an application, here in Statistics, we mostly deal with data where the objective is to analyze one problem statement and come up with conclusions (inference) out of it.

Examples related to Software Engineering field:

• Developing a Mobile phone Application
• Developing a College/Hospital Website
• Developing an Employee Leave Tracking System

Examples related to Statistics field:

• Was yesterday the coldest day of the year?
• Is it safe to invest in CryptoCurrency in future?
• For a manufacturing firm, how many units to produce daily?

What all steps are involved in Statistics?

Whenever a problem statement is given to us, we apply multiple steps to arrive at one conclusion. These steps are to be performed in a sequential fashion

• Identify the Objective
• Collect Required Data
• Analyze the data using tools and techniques
• Interpret the Data (Come up with Conclusions/Inferences)

However many times while working on above steps, we may realize that the data on which we are doing the analysis is not appropriate, so it is recommended to stop your analysis right away, collect the data again and re-do the remaining steps.

Each of the above-mentioned steps has its own techniques which we will discuss in detail, Stay tuned.