# Basic Statistics Concepts

 Whenever you read regarding portfolio management, you will have to understand several basic statistics concepts. Especially, you must be able to determine covariance and variance to assist you understand the capital asset costs model and the entire concept of the security market line, the connection between the risk and expected return of a certain investment.

Statistics is actually the science of coping with numbers. It is utilized for stigmatization, collection, analysis of data and presentation. Basic Statistics Concepts gives a way of organizing information to get details on a larger and much more formal (objective) foundation than depending on personal encounter (subjective).

Uses of medical statistics Medical statistics are employed in:

1. Epidemiological study studies.
2. Monitoring, Planning and evaluating community health care programs.
3. Comparison of diseases and health status in numerous countries and in a single country over years.
4. Diagnosis of community health issues.
5. To differentiate between normal groups and diseased.
6. To make standards for the various biological measurements as height, weight.

## Basic Statistics Problems

For anesthesiologists, a fundamental knowledge of statistics is actually necessary for logical interpretation of the literature. For anyone doing research, statistical concepts are essential in the execution, planning, publication of studies and presentation. Couple of non-statisticians will produce sufficient understanding to resolve complicated and basic statistical problems; however, investigators and clinicians can prevent obvious problems and can consult with skilled statisticians when further expertise is required.

Descriptive statistics: summarize a bunch of personal data points. A group constitutes an example of a whole population. Groups of data are known as variables. Variables are categorized as continuous, such as both interval scales and ratio scales or discontinuous. Ranked variables cannot be calculated but could be ordered through magnitude. Categorical variables might be ordinal or nominal however immeasurable attributes have. Frequent meanings of descriptive statistics include:

Mean: the average of a bunch of measurements (sensitive to outliers).

Frequency: the amount of occurrences of a value in a team of measurements.

Range: the minimum and maximum values in an example.

Median: the center value of a group of measurements, i.e., 50 percent of the values are above and 50 percent are below the median. The median is actually insensitive to outliers; as a result it is better than the mean whenever data are skewed, i.e., not usually distributed.

Standard Deviation: estimations the variability within the population from which an example has been acquired.

Mode: One of the most common values in a bunch of measurements.

## Understanding Basic Statistics

A basic understanding of statistics will probably be essential in the greater level positions you will probably be assuming after you receive your doctorate and undertake greater responsibilities. Any time researchers and statisticians existing statistical studies of educational programs and population trends, your own eyes will not glaze over and you will not need to excuse yourself through the meeting. You will have a knowledge of the statistical methods used and you will be able to take part intelligently in the discussion also raise questions to make criticisms.

Knowledge of Understanding basic statistics can be of value for you personally as it will expand your own intellectual horizon and allow you to critically examine the statistics which are becoming commonplace in periodicals in health and newspapers and sports, medicine, finance, along with other areas. An understanding of basic statistics is currently an essential part of becoming a well-educated individual.

## Basic Business Statistics Concepts and Applications

An understanding of basic business statistics concepts and applications might help small business entrepreneurs make and assess their own decisions with higher accuracy. Frequency value is actually a basic business statistics concepts and applications phrase used to explain a number of occurrences. Even though you do not have to become a statistical wizard to be an excellent small business operator, you should know very well what frequency value means, the way it often displayed in reports and the way it is utilized in business statistics.

Frequency is actually the number of times a value, value range or event takes place in gathered data. As an example, if you conduct a survey of your own employees to find out how happy they may be at their own jobs and five workers answer extremely happy, the answer extremely happy provides a frequency value of five. In the same way, in case you are studying the age of the workers and 40 of your workers ages are 25 to 30, the age array of 25 to 30 features a frequency value of 40. Frequency value could be expressed like percent or a number.