Key Characteristics of Statistics - PDF
Added on 2021-04-23
19 Pages5266 Words150 Views
Data Science and Big DataStatistics and Probability
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1. The introduction of statistics1.1 Definition of statistic1.2 Key characteristics of statisticStatistics are aggregate of facts:Only facts that can be explored in relation to time, place, or frequency are classified as statistics.Individual, isolated, or unconnected figures are not statistics; they cannot be compared to oneanother. As a result, only aggregates of facts, such as data pertaining to a group of students' I.Q.,academic performance of students, and so on, are referred to as statistics and are analysed inrelation to one another. (Disha, 2008)Multiplicity of Causes has a significant impact on statistics:Statistical data is most closely related to social sciences, and as a result, improvements areinfluenced by a variety of factors. Researchers are unable to investigate the impact of a specificcause on a phenomenon. Individual causes can only be traced and their effect is obviouslyknown in physical sciences. They learn about the combined impact of various causes throughstatistical social scientific research. (Disha, 2008)For example, certain students' academic achievement scores may decline not only due to a lackof interest in school subjects, but also caused by lack of incentive, successful teaching practices,student attitudes toward school subjects, a defective scoring procedure, and so on.Numbers are used to represent statistics:Statistics cannot represent qualitative phenomena that cannot be numerically expressed, such ashonesty, goodness, and ability. However, if a numerical expression is assigned, it may bereferred to as ‘statistics.' (Disha, 2008)Reasonable standards of accuracy are used to enumerate or quantify statistics:From one inquiry to the next, or from one purpose to the next, the standard of estimation andprecision varies. There can't be a single uniform standard for all kinds of inquiries and purposes.1
When calculating the I.Q. of a group of 100 students, a single student cannot be overlooked,while 10 soldiers can be readily overlooked when calculating the I.Q. of all soldiers in thecountry.From one inquiry to the next, or from one purpose to the next, the standard ofestimation and precision varies. There cannot be a single uniform standard for all kinds ofinquiries and purposes. When calculating the I.Q. of a group of 100 students, a single studentcannot be overlooked, while 10 soldiers can be readily overlooked when calculating the I.Q. ofall soldiers in the country. (Disha, 2008)Statistics are gathered in a methodical manner:Statistics must be gathered in a very comprehensive way in order to have a fair standard ofaccuracy. Any haphazard and sloppy method of data collection is undesirable because it maylead to erroneous and incorrect conclusions. Accuracy can still be ambiguous and, as a result,cannot be trusted. (Disha, 2008)Statistics for a pre-determined Purpose:The investigator must first establish a goal before beginning the collection process. Datagathered without a specific purpose is useless. If researcherswantto learn about the intelligenceof a group of individuals, theyshould notgather information about their wealth, attitudes, orhobbies. Theywill notbe able to differentiate between required and unnecessary data, orpertinent and irrelevant data, unless theyhave a clear idea of the intention. (Disha, 2008)Statistics can be compared to one another in the following way:Statistics is a technique for comparing and analysing data. It must be able to be compared;otherwise, much of its value and importance will be lost. Only if the data is homogeneous will acomparison be made. Memory test results can be likened to I.Q. but not to parent's pay status.researcherscan only represent changes that are related to time, place, frequency, or any othercharacter using contrast, and statistical devices are used for this purpose. (Disha, 2008)1.3 Benefits of statistical data for business objectives2
reporting what has occurred to developing the most accurate predictions for what will occur.Predictive analysis is used in a variety of situations, including fraud detection and security, threatassessment, marketing, and operations.The stage of choosing the best course of action in a given business situation is known asprescriptive analytics. This requires understanding what might go wrong, why it may go wrong, andhow to deal with it. Continuously updated data alters prescriptive analysis, allowing managers toretain real-time action plans for their companies.2. The sources and types of data and information businesses can access2.1 Sources of data/information2.1.1 Internal data/informationDefinitionInternal data is information, figures, and patterns found by companies as a result of theiractivities. Facts and statistics gleaned from internal files, applications, clients, decision-making,and publications are used. (Sammy, 2021)AdvantagesCustomer value: Educational content that tells them what they have not seen before is commonwith audiences. Businesses may generate useful content that educates, promotes new concepts,and/or supports current ideas by using internal data.Brand authority: The publication of helpful data aids the brand's status as an expert.Journalists and market observers may frequently quote the company's data-centric contentbecause it is seen as a go-to source for data about its industry.Company worth: Internal data may also be used to promote the brand and demonstrate itsworth. The company can use internal data to explain how the goods or services help consumers.The information will demonstrate how the business distinguishes and stands out from rivals,allowing the brand to connect with prospective buyers.DisadvantagesLack of expertise: It's possible that the company lacks the necessary expertise to develop aproductive workforce. Marketing analysis is a difficult task that necessitates a thoroughunderstanding of methodological methodology and marketing principles. A small company doesnot have the financial or manpower capital to finance or handle such an undertaking. Hiringthird-party consultants to advise on a case-by-case basis may be a safer choice in this case.3
Cost: According to the book "Marketing Analysis," by Jan Wiid and Colin Diggines, recruitingforeign experts cost more than getting an internal marketing research group. Since all dependson the particular needs and resources of a given sector, hiring in-house expertise may or maynot be a cost-effective choice. It's possible that establishing an internal communications analysisagency is overkill.2.1.2 External data/informationDefinitionExternal data is often correlated with particular debates such as "open data," "linked open data,"or "data market sites" in reality. Customers and rivals have external data, which is gatheredfrom the industry. Statistics from polls, questionnaires, studies, and consumer reviews aresources. (Worthwhile, 2019)Advantages-External data sources allow high-quality data and information accessible for companies touse in their strategic planning.-The data retained is of high quality.-The websites of data providers make large amounts of data publicly accessible toorganizations.-When more comprehensive data is needed, bespoke services are delivered.-Any providers provide hard copies of their regular publications.-Comparisons should be rendered using high-level data on peer organizations.-Training in the use of data is offered by some providers-Allows a company to compare specific facets of its own success to those of its peers and/orcompetitors.Disadvantages-Some managers also view dealing with data as a challenge rather than a profit.-Working with statistics is also seen by some managers as a role reserved for the ITdepartment.-It may be difficult to frame the correct question to ask external suppliers if the companydoes not have any prior information.-It is difficult to obtain data at a sufficient level of detail for making useful comparisons with competitors.-Providers should offer further reuse advice and case studies to the industry.2.1.3 Primary dataDefinition4
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