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The ith order statistic of a set of n elements is the ith smallest element. For example, the minimum of a set of elements is the first order statistic (i = 1), and the maximum is the nth order statistic (i = n). A median, informally, is the "halfway point" of the set.

Consider statistics as a problem-solving process and examine its four components: asking questions, collecting appropriate data, analyzing the data, and interpreting the results.

We begin by introducing two general types of statistics: Descriptive statistics: statistics that summarize observations. Inferential statistics: statistics used to interpret the meaning of descriptive statistics.

Definition The order statistics of a random sample X1,...,Xn are the sample values placed in ascending order. They are denoted by X(1),...,X(n). The order statistics are random variables that satisfy X(1) ? X(2) ? ··· ? X(n).

The two main branches of statistics are descriptive statistics and inferential statistics.

The two major areas of statistics are known as descriptive statistics, which describes the properties of sample and population data, and inferential statistics, which uses those properties to test hypotheses and draw conclusions.

Data is any numerical or. categorical data. Statistics is used to predict and make decisions. Describing is done through. statistical formulas, and analysis is interpretation of this data through statistical formula also.

5 basic statistics concepts Regression. Regression is a method for comparing two variables when one of them is independent and the other, or the others, depends on that first variable. ... Calculating the mean. ... Standard deviation. ... Sample size determination. ... Hypothesis testing.