Wherever numbers come into the picture, statistics play a very important role. Statistics and mathematics go hand in hand. One can never superced the other and statistics is purely analytical in nature. When we say that statistics is analytical in nature, we mean that it analyzes data and makes inferences. Statistics in a way simplifies data as it puts together all the data in study and then gives it a very cumulative approach trying to make it understandable by one and all.
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!