When one thinks about Statistics, numbers are commonly the first things that come to mind but it is important to know that the study of Statistics is not limited to that. In order to understand the concepts of Statistics it is crucial to know the differences between a population and sample: a population refers to the entire pool from which a sample is drawn, or the total set of interpretations that can be made, while a sample is a subgroup of a population. Considering this, Statistics can be defined as the collection, classification, analysis, and interpretation of numerical values, for the purpose of inferring proportions from a representative sample. There are two essential branches of Statistics: Descriptive Statistics is used to summarize and display data, whereas Inferential Statistics is applied to the use of a sample in order to draw conclusions about different outcomes. Both branches of Statistics are present in people’s everyday lives.
From the beginning of the day to the time I am finally asleep, there is a non-stop exposition to Statistics. When I turn the TV on, it is not long until I hear that “4 in every 5 dentists” recommend a product, or that a political candidate has a certain percentage of votes. Once you are acquainted with the concepts of Statistics, it is easy to notice that Inferential Statistics plays a big role in all those scenarios. For example, by looking at a news program where the percentage of votes that each presidential hopeful from the Republican and Democratic Party would get is shown, one can infer the percentage of people that would vote for a party or the other. A remarkable and very recent example regarding the importance of Statistics to make changes ...
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...ow that Economics is closely supported by Statistics and as such, anyone who wants to enter the field should understand its concepts.
It is impossible to imagine a life without Statistics. They define whether your favorite show is getting a new season, how safe a certain prescription drug is, and what range of salary should one aim for. In order to become an analytical person, one must understand the procedures regarding the use of Statistics and the effects data can have in both individual and collective lives. Much more than describing numbers and its meanings, Statistics provides a closer look at different people, scenarios, etc. More importantly, those who are interested in a career in the Economics field, just like I am, should be genuinely interested on data and how it affects the world around us. Statistics is art, the art of exploring diversity through data.
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