Economics For Statistics I

Aug 10th, 2016
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Economics for Statistics I notes

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Statistics-it is a science that deals with collection, description, analysis and presentation of numericaldata.The science of collecting, organizing, presenting, analyzing and interpreting data to assist in makingmore effective decisions.Statistics being a science is objective in investigation of subject matter. Objectivity in statistics impliesthat any statistical investigation and implication is made are not based on personal judgment basis andemotions but conclusions and deductions are based on empirical facts.Statistics is based on a whole range of methods in its inquiry. This is referred to as statisticalmethodology. Statistical methodology outlines methods of statistical inquiry.Statistical methods:a)b)c)d)e)Data collectionClassify the dataAnalysis of the dataPresentation of the dataDrawing of the conclusion.These statistical methods enable appropriate data description that paves way for analysis and drawingof conclusions.The subject of statistics may be divided into two branches:i.ii.Descriptive statisticsInferential statistics.Descriptive statisticsStatistical methods for describing data and this includes methods of data presentation like charts, tablesand graphs. Methods of organizing, summarizing and presenting data in an informative way.Inferential statistics deals with drawing of references from analysis of statistical data.Statistics therefore enables drawing of either inductive or deductive conclusions. Deductive conclusionsar

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