When the number of classes in a histogram is increased, the data set is divided into more categories, and the histogram gives a more detailed picture of the data distribution. However, if there are too many classes, it becomes difficult to extract useful information from the histogram.
Full Answer >Statistics are a methodology necessary in the field of statistics and are used to collect, analyze and evaluate data. Economics depends heavily on the use of statistics.
Full Answer >Standard deviation is a measure of variation in data. It allows comparison between two or more sets of data to determine if their averages are truly different. For example, if the average salaries in two companies are $90,000 and $70,000 with a standard deviation of $20,000, the difference in average salaries between the two companies is not statistically significant.
Full Answer >Statistics is the study of numerical information, which is called data. People use statistics as tools to understand information. Learning to understand statistics helps a person react intelligently to statistical claims. Statistics are used in the fields of business, math, economics, accounting, banking, government, astronomy, and the natural and social sciences.
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