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# What Is Statistics

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Basic details about statistics.

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### What Is Statistics

1. 1. What is statistics? Collection of methods for planning experiments, obtaining data, and then organizing, summarizing, presenting, analyzing, interpreting, and drawing conclusions. There are two main branches of statistics 1. Descriptive Statistics – the organization and description of the characteristics of a collection of data. Example: Mean, Median, Mode 2. Inferential Statistics – the use of descriptive statistics to make educated guesses about something The basic fallacies of inferential statistics: They assume that the past is prologue to the future They assume you are going to test your inference an infinite amount of times. How Statistics Work? Statistics starts with a question, not with data/information Every time we use statistic to find the solution for a question. Statistics are what decision makers can use to reduce ambiguity by qualifying it. “Not enough to know Just enough for a better guess Statistics are born” All Statistics are based on data Data are what we hear, see, smell, taste, touch, etc. Data requires measuring Good measurement gives good data Good data give better answers than bad data But all data will give you an answer Statistics are designed to transform data into information Make decisions using that information. Statistics are about and used to measure/assess risk of the decision. Importance of Statistics Page 1