How to Understand Data from the Point of Collection

As a discipline, statistics is the science of understanding data from the point of collection to presenting credible information, collecting, analyzing, presenting, and interpreting data to fall within the realm of statistics, a field applicable in all professions for efficiency and accuracy (Frost, 2017). As numerical facts, statistics entail using a mathematical formula to manipulate numbers from a sample to determine aspects such as mean, median, mode, variance, frequency, and standard deviation for a better outlook on the economic state of a particular field or profession. The interplay of these two relationships allows for the accuracy and usage of data from a raw form to more useful information necessary for decision making. Discoveries in science and all field of the economy arise from statistics as a crucial basis being a tool for evidence-based decision making and future predictions. When you understand a particular subject's statistics, deep and formidable solutions and innovation become consequential (Frost, 2017). Statisticians become a guide to navigating everyday life problems in many professions by collecting and analyzing data, thereby understanding potential threats and opportunities that can be incorporated or avoided for the best course of action. Tentatively, statistics limit opinion-based decision-making with a growing reliance on facts from sampled and analyzed data to critically provide solutions relevant to the requirements of the environment individuals, companies and economies exist in.

Statistics allow for the challenging of personal and public assumptions as well as biases. Individuals and companies become aware of new knowledge and accompanying numerical evidence that allows for drawing valid conclusions (Frost, 2017). Statistics create reliable solutions and the evaluation of claims based on quantitative and qualitative evidence. Statistics also allow for common interpretations between individuals and companies using the same data, thereby alleviating dubious conclusions. Finally, statistics allow for the corrections of mistakes and management of weaknesses as it becomes easy to analyze data and figure out where problems arise. Mitigation becomes easy and apparent, and processes through statistics become trustworthy.

References

Frost, J. (2017). The Importance of Statistics.