Statistics

Statistics is the science concerned with developing and studying methods for collecting, analyzing, interpreting and presenting empirical data, to estimate a value of a population parameter. A highly interdisciplinary field, it finds applicability in virtually all scientific fields to motivate and develop new statistical methods and theory. It can be used to make better-informed business decisions, and can also be applied in various disciplines such as psychology, business, physical and social sciences, humanities, government, and manufacturing. Statistics also has great application and impact in test and verification of economic theories and principles, understanding and study of economic problems, economic planning, and measurement of economic indicators.