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What's Statistics Good For?


Mon Mar 26th 2012

A lot of people unfamiliar with it may find Statistics intimidating and impractical. Yet, Statistics has many applications in the academic as well as the business world. These could be as simple as using summary statistics – e.g., average and variance – to sophisticated analyses and modeling techniques – e.g., clustering analysis, factor analysis, Bayesian networks, influence diagrams. The complexity of Statistics needed will inevitably vary depending on the problem at hand. Generally, there are two ways that Statistics come into play, regardless of whether you are in industry or academia, and regardless of the discipline of your work.

1. "I have a research problem and I don’t know how to gather the appropriate data for it."

Read about this scenario here.

2. "I have a lot of data and I don’t know how to use it to improve the process."

Read about this scenario here.

 


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