Statistics is the science of collecting, organizing, and analyzing data to draw conclusions. It involves descriptive statistics like summarizing data, and inferential statistics like making conclusions from the data. There are two main types of data: quantitative data obtained from measurements, and qualitative data related to characteristics. Common measures of central tendency analyzed in statistics include the mean, median, and mode. The document provides examples of calculating these measures from sample data on daily pocket money and study time collected from a class of 30 students.