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What is Statistical Data ?
Statistical data is the collection of numerical data that can be used to describe and predict patterns in the world around us. Data is generally acquired through sampling; statistics is a set of rules for analyzing data and then presenting it in an organized manner. The collection of statistical data is expressed mathematically in the form of tables, charts, and graphs. Statistics helps to explain patterns and trends in data by analyzing it statistically.
Statistics is a core skill for those who work with data, especially when dealing with numerical data. When statistics is used effectively, we can determine ways to improve our business and increase our profit through taking action on the trends that are revealed through statistics.
The statistical data that is collected by the governments in countries and analyzed by the government agencies is called Statistical Data. State Statistical Bureau of India (SSBI) is appointed by government to collect information from various departments and ministries to compile the data and convey it to the federal government for an annual publication (called “Annual Intelligence Summary”) which is used for development planning.
Statistical data plays a crucial role in decision-making process for policy making, product improvement, marketing plans, business strategies, benchmarking etc.
Types of statistical data
Numerical data: Numerical data is simply numerical data or quantitative data. It involves using numbers to measure a variable and to describe it. Some examples of numerical data are:
- shoe size
- grade point average (GPA)
Continuous numerical data: Continuous numerical data is a type of numerical data in which measurements, values, or statistics are recorded at regular intervals. In continuous variables, the value of a variable does not change over time. Continuous variables may be statistical measures such as time or temperature but can also be non-statistical variables such as height.
Quantitative data: Quantitative data is a type of data that involves only numbers (numbers and/or percentages). Quantitative variables are often referred to as numerical variables. The meaning of quantitative variables can be very complicated, and there are many different ways to measure them (e.g., total wealth, number of employees, etc.). Some examples of quantitative data are:
- Annual income
- average wage
- total sales volume
Qualitative data: Qualitative data is a type of data in which the values, measurements, and statistics involved are not continuous but rather categories or categories of objects. The most basic semiotic categories are colors, shapes (e.g., circle, square), and letters.
Categorical variable: A categorical variable is a kind of qualitative variable in which the categories from each observation in the sample are mutually exclusive and collectively exhaustive. In other words, they provide a way to distinguish one observation from another, and there is not overlap between categories.
Normal distribution: The normal distribution is a type of statistical data that is used in many fields of study. The normal distribution has two main features: one is that it contains the most probable values and the other one is that it can be found by calculating the standard deviation of any given set of values. The curve looks like an S shape and has an equal probability of being above or below the mean value. The normal distribution can be used to illustrate many sets of data within society, but not all data will fit into a normal distribution.
Importance Of Statistical Data
- Statistical data is important because it allows gatherers of information to see patterns and trends within data sets. This can be used to predict future events and behaviors based on previous and current data.
- Without statistical data, it would be difficult to determine if there are any patterns or trends in our world and then predict the outcomes.
- The data gathered allows scientists, health officials, and researchers to find new ways to predict behavior and affects of certain drugs or chemical reactions. It allows business owners to predict their sales and customer behaviors so that they can better meet the needs of their customers.
- Without statistical information on the economic growth rate of a country or region, the bank would most likely be unable to know how much money should be in circulation.
- This information is important to insurers, banks and government officials who need to predict how many homes will be destroyed by fires. They must have the ability to predict these types of statistics in order to have the proper funds available for disaster relief.
- Without statistical data, we wouldn’t have any sense of our world or the universe around us. For example, if you were planning a vacation a trip and wanted to know average weather or population levels for cities within a range of 100 miles from your destination.
- Without statistical data, it would be impossible to predict the weather or population levels.
- Statistics can also be used to determine the quality of a certain object or market segment in an organization, as well as how fast it is growing.
Topics Studied Under Statistical Data
- Statistical methods
- Statistical inference
- Probability theory
- Statistics and computing
- Graphical statistics
- Mathematical statistics
- Bayes’ theorem and the posterior distribution
- Perfectionist fallacy
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