Functions of Statistics
The functions of statistics can be elegantly expressed as 7 - C’s as :
1 Collection: The basic ingredient of statistics is data. It should be carefully and scientifically collected
2 Classification: The collected data is grouped based on similarities so that large and complex data are in understandable form.
3 Condensation: The data is summarized, precisely without losing information to do further statistical analysis.
4 Comparison: It helps to identify the best one and checking for the homogeneity of groups,
5 Correlation: It enables to find the relationship among the variables
6 Causation: To evaluate the impact of independent variables on the dependent variables.
7 Chance: Statistics helps make correct decisions under uncertainty.