Statistics is the study of data. Statistics comes in two flavours: Typical topics include calculating means, modes and medians, understanding variance, standard deviations and z-scores and basic knowledge of probability and distributions. The second branch of statisitics is called inferential statistics, and this study focuses on taking data from the world and applying it to make predictions about the future.
Topics in inferential statisitics include z-tests, t-tests, regressions, ANOVAs, and confidence intervals. Statisitics is a very important field in mathematics and requires little requisite lnowledge besides basic algebra. Learning statisitics will be beneficial as applications yo science, business, computers and the social sciences reem in large amounts.
The study of statistics is a very precise application of probability. This is analogous to scenario analysis and sensitivity analysis in Finance. The most important role of Statistucs is to understand and model random variables to determine relationships between them and to conclude based on evidence infraction about them.
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As the study, analysis and presentation of data, Statistics provides an essential building block for future success in school and in the job market.
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