Statistics again can be broadly broken up into two different subtopics. Firstly, exploratory statistics and secondly confirmatory statistics. Exploratory statistics mainly deals with exploration of data and their qualitative attributes towards it. On the other hand, confirmatory statistics deals with the assumptions and the inference.

Again statistics can be further broken down into descripitive statistics and inferential statistics. What descriptive statistics tells you is the information that is already prevalent in the form of bar diagrams, charts and other similar forms of pictorial representation. On the other hand inferential statistics deals with the inference that goes behind the assumptions. This involves analysis of data over a very long period of time.

Statistics works with models and therefore when one works with models the pattern differs time and again. This mostly depends on the type of model in play and the way it works. For example there are parametric, non parametric, linear and non linear models. Not to forget that all these types of models have their different way of approach and calculations behind. Working with models, statistics is used everyday in everyone’s life. Right from businessmen to shop keepers, students to workers all apply statistics in some way or another. Some use mathematical models while other use descriptive ones. Fields like geo-physics and climate study use statistics to a very wide level. Then finding the population in an economy (demographic studies), which is one of th most essential data for any country, is also done with the help of statistics. Medicine, history and to an extent even psychology use statistics in their approach. The forex market and the stock market and various institutions make a widespread use of statistics while calculating risk and return.

Thus statistics has a very wide approach in any sector. Statistics generates employment and also helps people with their figures. Be it in banks, organizations, universities or anything at any level, statistics does play a major role and life without statistics would seem impossible. Statistics is an analytical subject that only deals with numbers and graphs. Statistics without numbers cannot be thought of and thus to be good in statistics one has to be good in mathematics. Statistics has made life simpler for many and it has simplified life which would otherwise be very hectic and cumbersome. Statistical tools have emerged over the years and are continuing to emerge as life evolves. Though these tools seem complex, and sometimes they are, they have surely made work easy. Imagine life without excel!

If an individual does not understand how the rates of a share go up and down, he can never be a good forex trader. For understanding the market the subject of statistics is very much necessary. Statistics support the trader in his decision making process, providing him with the likelihood of an event – the higher the probability of an event, the more certain we are that the event will occur. Understanding the probable future value of the share simply depends on certain factors. Moreover the statistical review of the particular share helps to understand this matter more clearly.

During a single trade the rate fluctuates a lot and this seems to be a big problem in forex or any other financial market. But after checking around 100 trades, an individual can start understanding the patterns, events and moves. With the help of statistics an individual can easily predict the long term value of a particular share. Statistics guide the person towards the right decision about a particular trade. The share history and its rate graph have to be studied in detail. Only then, the person can understand and predict the future value of a share.

Huge risk factors are present in forex, binary options, or any other financial market. The market goes up and down. The value of shares may change within a fraction of a second. A person new to the game, who has got minimum idea about share trading may face huge problems to understand the forex trading market. Many have lost all their capital by bidding on a growing share whose value dropped drastically. So, you need to be very patient and tactical while investing on a particular currency or a share. The statistical analysis helps an individual to get all the records necessary to take a wiser investment decision. So, I would like to advise anyone not to invest blindly without understanding the market. It may lead to a big loss at the end.

In the world of business, the subject of statistics has got three different and important uses. The main thing that is necessary for business statistics is summarization of business data. The three different specific uses of statistics in business are to draw various conclusions from the collected data, to make valid forecasts about the particular business activity and ultimately to help the firm to gain profit.

These methods are dependent of two branches of statistics which are inferential statistics and descriptive statistics. The method that helps in the collection, summarization, presentation and lastly analyzing of business data is known as descriptive statistics. In inferential statistics, the data is collected from a small group in order to draw conclusion on a bigger group. Most of the charts and tables that we witness in a business presentation are made from descriptive statistical method. In business firms the subject of statistics is used in three different ways. They are as follows:

• For visualizing and summarizing data.
• For reaching conclusions about large groups that are based on data collected from comparably smaller group.
• For improving business processes by using managerial approaches like Six Sigma which focus on improvement.

There are particular methods for using assumptions and conditions and concluding result. For doing this the business firm has to hire a statistician who knows the subject well. Any individual cannot do the calculation. Moreover, the subject is totally based on mathematics. The subject helps to create important information from either samples or populations. In most cases the conclusion is represent in table, chart, graph, and other pictorial presentations. A population includes all items and individuals which are required to draw conclusions and the potion of a population which is selected for analysis is known as sample. The variables of the data may differ for various reasons. Without operational definitions, variable values become meaning less. The assimilation of business has to be done very carefully in order to get a perfect result. Moreover, the statistical analysis gives a comparison of various variables. The result can be understood by an individual when he or she gives an apparent look on the particular stuff. Moreover, business growth cannot be witnessed without proper statistical analysis. The representations can also be made with the help of computer. You can make the report interesting by using various types of settings from the computer program.

In explorary statistics, exploration of data is made in order to determine the respective qualitative values. The confirmatory statistics are all about assumptions that are made with the help of different techniques which are used to reject or confirm.

The statistical models are divided into three groups which are as follows: linear models, non parametric models and non linear models. But, the subject is not solely dependent on theories. The measurement of statistics is based on mean, variance, kurtosis, analysis of variance, regression analysis and skewness.

The inferential statistics and descriptive are the two branches of the statistics. Collection of data and depiction of that data without making any elaborate details are involved in descriptive statistics. The information which is concluded from the result is represented in form of charts, graphs, tables, bars, etc. Descriptive statistics are used particularly in field of sports, science, public information kiosks, government offices, etc.. In inferential statistics, data is utilized in order to make conclusions and also for the testing of authenticity of the data. In this process, decisions are made after analyzing the data which has been obtained for a period of time. The above discussed concepts of statistics are almost interdependent. Inferential statistics and descriptive statistics can both serve as single statistical approaches in various cases as, the process of statistics usually varies depending on particular scenarios and also the statistician who is doing the job.

Statistics can be used for calculation on field like climate study, pollution control, geophysics, demography, polls, physics researches, metrology, medicine history, ecological surveys, sociology, etc. In fact, statistics can be used in all fields of studies. Then, it can be concluded that the subject of statistics has got immense usage on various fields. Even the world business and banking sectors are fully dependent on statistics. Moreover the data are arranged in such a manner that any individual can understand the result by just giving a look on it. It is also said that when an individual has to understand a topic statistically, he gets to understand the matter more quickly. The assumptions in the subject are made according to the value by comparing and making a collection of the data. Each and every research work or research papers are somehow related with statistics. So, we get knowledge about the importance of the particular subject. Statistics is connected with the subject of mathematics as, different formulas which are used, are derived from various sections of mathematics.