Statistics

Meaning of Index Number Index numbers are the tools that measure the degree of economic variation over a period. They are mainly in the numerical form stated as a percentage as a base figure. In layman’s terms, an index number is basically a number that shows the level of relativity in a given time. It […]

Histogram Definition A histogram represents a graphical description of a large number of data points organized into user-defined ranges. The histogram resembles a bar graph in appearance, consolidates a set of data into such a simple visual by grouping data sets into logical regions or divisions. A histogram is a data representation that looks like

Frequency polygons are essentially a graphical representation of the distribution of data which helps in properly understanding the given information through a particular shape. Histograms and frequency polygons are similar in many aspects. However, frequency polygons are more useful and helpful at the time of comparing between two sets of data.  Frequency Polygon definition The

Introduction Frequency distribution in statistics shows us the commonness of a repeated number or numbers in a form of graphical representation or a tabular form. In simple terms, it provides the users a visual representation of the items or numbers that appeared several times. Frequency distribution is used to collect or organize the data in

Data interpretation is one of the most important elements of statistical analysis. It is also one of the hardest to master and can be frustrating for students who have not had much experience in statistics. This interpretation also requires a lot of practice and patience to become proficient at it. As with any other subject,

Introduction: A rank correlation is a statistical method to quantify a countable relationship between variables. The relationship can be between different arithmetical variable rankings or different rankings of the very same attribute, where rankings refer to the process of assigning identifiers as first, second, third, etc., to distinct observations of a selected variable. A rank

You’ve probably heard someone say that a commodity’s price has increased or decreased over time. This commodity could be gold, silver, food, gasoline, diesel, and so on. You might also be well versed with the skyrocketing bank interest rates. However, the interest rate on home loans has dripped down. What exactly are all of these

If you’re looking for an in-depth guide on the coefficient of quartile deviation, you’ve come to the right place! In this article, we’ll discuss what the coefficient of quartile deviation is, how to calculate it, and how to use it in real-world scenarios. We’ll also provide a few examples so that you can see how

Moving averages method is used in statistics to analyze data points, which are calculated by averaging several subsets of a larger dataset. A moving average is a measure of how well a piece of work is doing over a given period of time. The moving average method is a popular stock indicator in technical analysis

Introduction In statistics as well as probability theory, the binomial distribution is referred to as the probability distribution which provides only two possible outcomes within an experiment which is either failure or success. For instance, if a coin is tossed there can be the possible outcomes of tails or heads. Further, if any test is