Data Levels of Measurement (Nominal, Ordinal, Interval, Ratio) in Statistics

Data levels in statistics indicates the measurement levels in statistics. In statistics, the statistical data whether qualitative or quantitative, are generated or obtain through some measurement or some observational process. Measurement is essentially the task of assigning numbers to observations according to certain rules. The way in which the numbers are assigned to observations determines […]

Correlation Analysis definition, formula and step by step procedure

The relationship between two or more random variables are generally defined as the correlation. It is the major part of bivariate analysis. When variables are found to be related, we often want to know how close the relationship is. The study of the relationship is known as correlation analysis. The primary objective of correlation is […]

Skewness and Kurtosis in Statistics (shape of distributions)

Skewness and kurtosis are two important measure in statistics. Skewness refers the  lack of symetry and kurtosis refers the peakedness of a distribution.    Skewness Literally, skewness means the ‘lack of symmetry’. We study skewness to have an idea about the shape of the curve which we can draw with the help of the given […]

Random Variable and its types with properties

In statistics, A Random Variable is a set of possible values from a random experiment which is known in advance and the experiment can be repeated underer identical condition. According to Investopedia, “A random variable is a variable whose value is unknown or a function that assigns values to each of an experiment’s outcomes.”   […]

Measures of Dispersion in Statistics and its types

Measures of dispersion is statistical measure by which we determine how the observations spread out or scattered on each side of center. Variance and standard deviation is the most popular measures of dispersion. Definition of Dispersion Dispersion is a statistical measure that indicates how the observations are spread out or scattered on each side of […]

Statistical Hypothesis Testing step by step procedure

Statistical hypothesis testing is a procedure of a test on the basis of observed data modelled as the realised values taken by a collection. According to Investopedia, “Hypothesis testing is an act in statistics whereby an analyst tests an assumption regarding a population parameter.”   What is hypothesis testing? In statistics, we may divide statistical […]

Variance and Standard Deviation in Statistics

Variance is one of the best measure of dispersion which measure the difference of all observation from the center value of the observations.       Population variance and standard deviation The average of the square of the deviations taken from mean is called variance. The population variance is generally denoted by σ2and its estimate […]

Geometric Mean definiton, formula and applications

The Geometric mean is a special types of average where we calculate the root of the product of a value of a set of observations. It is usually used to define various types of growth rates such as population growth, interest rates etc.    Formula of geometric mean By definition, the formula is as below,     […]

Harmonic Mean definition, formula and applications

The harmonic mean is the inverse of the arithmetic mean of the reciprocals of the observations of a set. It is a type of average generally used for numbers that represent a rate or ratio such as the precision and the recall in information retrieval and can be described as the reciprocal of the arithmetic mean […]

Arithmetic Mean definition, formula and applications

Mean is the central value of all the observation which are included in a study. There are various types of mean exist. They are arithmetic mean, geometric mean, harmonic mean etc. Definiton The arithmetic mean of a set of data maybe defined as the sum of the values divided by the number of values in […]