The main advantage of statistics is that information is presented in a way that is easy to analyze, which makes its conclusions easily accessible. Comparative statistical analysis allows people to identify the strengths and weaknesses of different strategies, programs, policies or products across multiple demographics, making it an indispensable tool for decision makers.
Statistics are gathered anonymously, which reduces the reluctance of individuals to volunteer information. This allows researchers to gather data that is otherwise inaccessible. Furthermore, statistical methods are standardized, which makes them easy to replicate and guarantees consistent quality over time. Statistics provides hard data on performance and output, creating an excellent benchmark by which to measure efficiency and productivity.
Inferential statistics is a branch of statistics that can be used when researchers and mathematicians want to attempt to extrapolate on and reach conclusions that extend beyond the raw data itself. While a study only uses a small sample of the total population it is studying, inferential statistics can be used to attempt to estimate traits and thought patterns of behavior among the population as a whole.Full Answer >
Statistics allow people to analyze surveys, experiments and other data, but they are easy to misrepresent or to use to mislead others. Statistical data is essential to the scientific method. It also helps companies, governments and other entities make decisions.Full Answer >
According to HealthKnowledge, the main disadvantage of parametric tests of significance is that the data must be normally distributed. The main advantage of parametric tests is that they provide information about the population in terms of parameters and confidence intervals. Another advantage of parametric tests is that they are easier to use in modeling (such as meta-regressions) than are non-parametric tests.Full Answer >
"Residual" in statistics refers to the difference between the calculated value of the dependent variable against a predicted value. The mean and the sum of the residuals are always equal to zero, and the value is positive if the data point is above the graph and negative if below it.Full Answer >