TITLE

Theoretical Statistics

AUTHOR(S)
Wienclaw, Ruth A.
PUB. DATE
April 2018
SOURCE
Theoretical Statistics -- Research Starters Business;4/1/2018, p1
SOURCE TYPE
Research Starter
DOC. TYPE
Essay
ABSTRACT
Statistics allow one to organize and interpret data that would otherwise be incomprehensible. However, statistics is much more than a set of mathematical techniques that are used to manipulate data in order to derive an answer. For statistics to be truly useful, one must recognize and understand the fact that there is an underlying uncertainty and variability in data and collections of data. Analyzing and interpreting data using statistics is a messy process and sampling error, measurement error, and estimation error can negatively impact the results. In addition, not every statistical technique is appropriate for use in every situation. The researcher needs to be careful to pick the correct technique to match the characteristics of the data being analyzed. Statistics do not yield exact results, but only probabilities. Although not an exact science - or at least not a science of exact results - if one understands the theoretical underpinnings, statistics can be of immeasurable help in understanding the phenomena of the real world.
ACCESSION #
27577975

 

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