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In business, "statistics" is a widely used management-and decision support tool. It is particularly applied in financial management, marketing management, and production, services and operations management. [69] [70] Statistics is also heavily used in management accounting and auditing.
The term statistic is used both for the function (e.g., a calculation method of the average) and for the value of the function on a given sample (e.g., the result of the average calculation). When a statistic is being used for a specific purpose, it may be referred to by a name indicating its purpose.
Social statistics is the use of statistical measurement systems to study human behavior in a social environment. Statistical finance , an area of econophysics , is an empirical attempt to shift finance from its normative roots to a positivist framework using exemplars from statistical physics with an emphasis on emergent or collective ...
The zeta distribution has uses in applied statistics and statistical mechanics, and perhaps may be of interest to number theorists. It is the Zipf distribution for an infinite number of elements. The Hardy distribution , which describes the probabilities of the hole scores for a given golf player.
Statistics is a field of inquiry that studies the collection, analysis, interpretation, and presentation of data. It is applicable to a wide variety of academic disciplines , from the physical and social sciences to the humanities ; it is also used and misused for making informed decisions in all areas of business and government .
The use of descriptive and summary statistics has an extensive history and, indeed, the simple tabulation of populations and of economic data was the first way the topic of statistics appeared. More recently, a collection of summarisation techniques has been formulated under the heading of exploratory data analysis : an example of such a ...
The data type is a fundamental concept in statistics and controls what sorts of probability distributions can logically be used to describe the variable, the permissible operations on the variable, the type of regression analysis used to predict the variable, etc.
Mathematical statistics is the application of probability theory and other mathematical concepts to statistics, as opposed to techniques for collecting statistical data. [1] Specific mathematical techniques that are commonly used in statistics include mathematical analysis , linear algebra , stochastic analysis , differential equations , and ...
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