SUMMARY STATISTICS Meaning and
Definition
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Summary statistics refer to numerical measures that provide a concise overview or summary of a dataset. These statistics are used to describe key characteristics, patterns, or trends within the data and help to better understand and interpret it.
Several common summary statistics include measures of central tendency, such as the mean, median, and mode, which provide information about the typical or average value within a dataset. The mean is calculated by summing all values and dividing by the total number of observations. The median represents the middle value when the data is arranged in ascending or descending order. The mode is the value that appears most frequently in the dataset.
Other summary statistics focus on variability and dispersion. These include measures such as the range, which is the difference between the highest and lowest values in the dataset, and the standard deviation, which quantifies the average amount by which each value in the dataset varies from the mean.
Summary statistics can also provide insights into the shape of the distribution of data. For example, skewness measures the asymmetry of the distribution, while kurtosis indicates the peakedness or flatness of the distribution.
Overall, summary statistics allow researchers, analysts, and statisticians to summarize complex and large datasets into key parameters that can be quickly understood and interpreted. They play a crucial role in exploratory data analysis, hypothesis testing, and decision-making in various fields such as economics, finance, social sciences, and healthcare.
Etymology of SUMMARY STATISTICS
The word "summary" comes from the Latin word "summa" meaning "the highest point" or "sum total". It entered English through Old French "somarie" and Middle English "summarie", both of which referred to a concise statement or account.
The word "statistics" has its roots in the Italian word "statista", meaning "statesman" or "politician". This term was used in the context of collecting and analyzing data related to the state, such as demographic information. It later evolved into the modern sense of statistical analysis.
When combined, "summary statistics" refers to a collection of concise, numerical measurements that provide an overview or summary of data. These statistics help to understand the main characteristics, trends, or patterns within a dataset.
