Definition of Various Terms in Probability and Statistics Subjects

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Probability and statistics are the sections of mathematics dealing with data analysis and collection. Probability entails the study of chance and it is a very fundamental subject needed to be applied in everyday life. Statistics is a subject that is more concerned with the way data is handled with the help of different techniques of analysis and different methods for collection of data. The two subjects of probability and statistics go hand in hand and are thus necessary to be studied together.

Statistics and its applications

Statistics is an important subject, with its relevance apparent in many aspects of everyday life. Statistics deals with the analysis, interpretation and collection of data. Data is defined as a set of information representing quantitative or qualitative attributes of a variable or a set of variables. Data in statistics can include any set of information describing a given entity. A set in statistics is also known as a population. This is the entire set from which data is collected.

Basic concepts of Statistics

The term “average” is often used in one form or another in our daily lives. In statistics, an average is a number used for measuring the central tendency of a set of numbers. Averages consist of a variety of numbers that include mean, mode, range and median. A mean is a number that is commonly referred to as the average. It is also called as arithmetic mean. A median is the number that lies in the middle of a specified set of numbers that have been arranged in increasing order of their magnitude. Mode is the element that has the maximum frequency in a given set of numbers. Range is the difference between the lowest and the highest number in a given set of numbers.

Probability- An extension of Math subject

The branch of mathematics dealing with the study of chance is known as probability. It deals with the study of various experiments as well as their outcomes. An experiment in the subject of probability is a test that sees the outcomes of an action. An outcome in probability is a result of an experiment. An event is the term used to refer to a set of different outcomes.

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