What is Statistics?From the Latin word "status", statistics are derived, which refers to a collection of statistics that are used to represent data related to a human interest.
The information collected is then used to make decisions.
Differential and integral calculus, linear algebra, and probability theory are used substantially in mathematical theories of statistics.Financial analysts use statistical methods to evaluate, examine, and summarize huge amounts of data in a mathematical form that can be used.
Statistics are used in a variety of fields, including business, social sciences, industry, psychology, and others.What Is Econometrics?Econometrics is a branch of economics that studies economic data using statistical and mathematical approaches.
Economists compare the results with actual data and observations after testing economic theories to forecast future economic trends.Types of StatisticsThe study of statistics can be divided into two types.
Scientists use inferential statistics, between variables in a sample population, to discover relationships and then to make predictions about how the variables relate to the total population.The following are the two main classifications of inferential statistics:Confidence interval Hypothesis testingTypes of EconometricsTheoretical and applied econometrics are the two main types of econometrics.1.