Basics of Statistics — Part 2

Basics of Statistics — Part 2

This is the 2nd part of the series of Understanding Statistics.

Vital terms in Statistics

Population: As the term is self-explanatory, population is nothing but the universe of possible data.

· Example: People who visited a particular website.

Parameter: A numerical value associated with the population.

· Example: Average amount of time people spent on website.

Sample: A selection of observations from a population.

· Example: People who visited the website on a particular time of the day.

Statistic: A numerical value associated with an observed value.

· Example: Average amount of time people spent on a website on a particular day.

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Vital terms of Statistics

In the previous article we’ve touched up on what data , however we haven’t understood how we get the data.

Lets look in to that for a bit .

DATA SOURCES

There are basically 2 Types of data Sources

1. Primary Data

2. Secondary Data

Primary Data: Data that is being collected regularly (Data collected on daily basis).

Secondary Data: Data which is already been collected and stored, which might be for a set of days.

Let’s touch a bit on the types of Data sets.

What are Data sets?

data set is a collection of numbers or values that relate to a particular subject.

Example: The test scores of each student in a particular class is a data set.

Types of Data Sets:

Data sets are broadly classified in to 3 groups namely:

· *Record Data: *Most basic form of which has no relation between records or data fields and every data object has same set of attributes.

Examples*: *Transaction data, data matrix.

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