Statistics Formulas

Statistics is a branch of mathematics which deals with numbers and data analysis. Statistics is the study of the collection, analysis, interpretation, presentation, and organization of data. Statistical theory defines a statistic as a function of a sample where the function itself is independent of the sample’s distribution.

In short, Statistics is associated with collecting, classifying, arranging and presenting numerical data. It allows us to interpret various results from it and forecast many possibilities. Statistics deals with facts, observations and information which are in the form of numeric data only. With the help of statistics, we are able to find various measures of central tendencies and the deviation of different values from the center.

Academic Justifications

• Mean (평균) is the sum of all values divided by the total number of values. It's the most commonly used measure of central tendency and is often referred to as the “average.”
• Variance (분산) is a measure of how data points differ from the mean. According to Layman, a variance is a measure of how far a set of data (numbers) are spread out from their mean (average) value. Variance means to find the expected difference of deviation from actual value. 평균에서 얼마나 떨어져 있는지
• Standard Deviation(표준편차) is a measure of how far away individual measurements tend to be from the mean value of a data set. 평균에서 “평균적으로” 얼마만큼 떨어져 있는지...

Below graph will help you to understand the concept for Mean, Standard Deviation:






Understanding these basic statistics formulas empowers us to analyze and interpret data effectively. As the statistician John W. Tukey said, "The best thing about being a statistician is that you get to play in everyone's backyard." Statistics is not just about numbers; it's about uncovering insights, solving problems, and making informed decisions based on data.