Basic Principles of Statistic

In the day to day works we need to analyze various data and numeric values. Today statistical theories are widely used to proper analyze numeric values. Commonly used statistic theories we know frequency distribution, probability theories etc. In this article I hope to give you brief description about the basic theories of statistic. 

What is Statistic?

Statistic is collecting, organizing, summarizing, analyzing and interpreting data in order to get an effective decision.

Why frequency distribution is very important?

To summarize large data set in compact fashion.

What is a hypothesis?

Hypothesis is a statement about the value of population parameter.

What is statistical inference?

Make statements about a population by using the result of sample.

Eg: + Blood count test, Quality of pencil

What is probability of event?

P.E = Number of favorable outcomes/ Total number of possible outcomes

What is probability?

In the day today many events cannot be predicated certainly. The best we can tell probability is how likely something is to happen or how likely they are to happen.

Eg : Tossing a coin, Throwing a dice