What is statistics?
Statistics is not only about collecting data and creating graphs and tables; it is a science of making inferences or predictions from observed data applied to a population. Precisely, statistics is a branch of science that deals with the collection, organisation, and analysis of data to draw inferences from the samples and apply them to the whole population. Variability is inherent in a population, process, or phenomenon. Statisticians value this variation and use it efficiently to make inferences or predictions about the population.
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At ISCON Statistics, we offer robust statistical analysis and data modelling services. We use a cutting-edge combination of advanced statistical techniques and our expertise to develop analytical models for both conventional and big data.
Our professional statisticians have hands-on experience in performing statistical analysis and modelling for a wide variety of data and research. We have developed our unique methodologies to expertly tackle a particular type of data and identify its characteristics.
Through our expertise, we can identify recurring patterns and trends, develop metrics and provide you with valuable data insights. This delivers optimal value and solutions for your research problems and business.
ISCON Statistics has statistical consultants that are well equipped to handle all your statistical needs. We use various software packages, such as STATA, SPSS, and SAS, as one of the components of our data analysis services.
Statistical analysis, statistical methods and statistical model
Statistical analysis consists of sets of procedures to answer research questions which are - data collection (obtaining sample data from a population through different sampling methods), data description (describes the nature of sample data in the context of its distribution), data analysis with the use of statistical methods (which are well-defined, systematic, mathematical formulation and procedures), and interpretation of the results. Statistical modelling is the process of applying statistical methods to a dataset.
ISCON Statistics has experienced statisticians who are familiar with various statistical methods and methods of qualitative analyses. With us, you will feel confident and assured in your ability to choose suitable statistical analyses for your data.
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As a leading analytical services provider, we offer powerful statistical analysis and modelling solutions. Our data models are readily applicable to social, industrial, geographical, experimental and financial data sets. We use the advanced tools and techniques for statistical analysis that include regression analysis, linear and non-linear regression analysis, time-series modelling, experimental and observational analysis, hypothesis testing and many others.
With our data modelling solutions, we provide you with valuable data insights. This helps you in improving the implications of your study outcomes and maximizes effectiveness.
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Descriptive statistics and inferential statistics
Descriptive statistics and inferential statistics are the two main branches of statistical science. Before we go into details about the difference between two, let us explain some basic concepts (with examples below), which will help you understand statistical analysis in more detail.
- Experiment: A scientific procedure undertaken to make a discovery or test a hypothesis
- Sampling Method: Random sampling from a population to ensure the validity of inference and conclusion
- Sample Data: A record of the observed quantity of variables of interest in a sample population
- Sample Statistic: The quantity of interest– mean, median, and the standard deviation in sample data
- Sampling Distribution Of Sample Statistic: Distribution of sample statistic on hypothetical random sampling
- Population Parameter: The true value of the variable interest in population which is unknown
- Standard Error: Variability of sample statistic on repeated sampling - standard deviation of sample statistic in the sampling distribution
- Confidence Interval: A statement about the true value of the population parameter lies in some interval with some degree of confidence
Lets take an example to understand above concepts. We want to know the average weight of the babies born in the UK(experiment); we cannot go to each hospital in the UK and weigh each baby(population). We need to choose a few which are representative of the population. Therefore, we need to have a list of all of the hospitals in the UK(sampling frame)and choose a few of them randomly(simple random sampling)and weigh each baby being born in the hospital(sample population). We will note down each baby’s weight(sample data)and calculate the mean(sample statistic). We will go to other hospitals, record the data, and calculate the mean. We will continue this process until we get the data from 100 hospitals. If we have sample data from 100 hospitals, we have a total 100 mean of the baby weight. However, each mean will not be the same because of random variation(sampling variability). If we plot the 100 mean of sample data, there will be some form of distribution(sampling distribution of sample statistic). The standard deviation of sample means in this distribution will be the standard error(standard error). If we truly had a random sample, the mean of the sampling distribution will be the true mean(population parameter), which is the average weight of the baby in the UK.
Descriptive Statistics
Descriptive statistics is concerned with describing the nature of observed data by some quantity that summarizes the data. These quantities can be measures of central tendency (location) and measures of variability (spread). Measures of central tendency are the mean, median, and mode, and measures of variability, such as the standard deviation, variance, the maximum and minimum values of the variable, and the skewness and kurtosis.
ISCON Statistician can help you get the best results from your descriptive statistics projects by interpreting the findings of your research as well as presenting your statistics.
Inferential statistics
Inferential statistics is concerned with understanding something that is unobserved in the wider population. Statistical inference aims to estimate the uncertainty in hypothetical repeated sampling. This uncertainty will allow us to provide a plausible range of values for the true value of something in the population, such as the mean, and it allows us to make statements about plausibility in terms of the degree of confidence. All statistical inferences involve some form of a statistical model.