What is Informational Statistics?
Statistics is a broad mathematical discipline which studies ways to collect, summarize, and draw conclusions from data. It is applicable to a wide variety of academic disciplines, from physical and social sciences to the humanities, as well as to business, government, and industry.
Once data is collected, either through a formal sampling procedure or by recording responses to treatments in an experimental setting (experimental design), or by repeatedly observing a process over time (time series), graphical and numerical summaries may be obtained using descriptive statistics.
Patterns in the data are modeled to draw inferences about the larger population, using inferential statistics accounting for randomness, and uncertainty in the observations. These inferences may take form of decision making (hypothesis testing), estimates of numerical characteristics (estimation), prediction of future observations, descriptions of association (correlation), or modeling of relationships (regression).
