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The analysis of time series and regression analysis

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Unformatted text preview: its etc. The analysis of time series and regression analysis plays an important role in forecasting. 1.5.4 Estimation: One of the main objectives of statistics is drawn inference about a population from the analysis for the sample drawn from that population. The four major branches of statistical inference are 1. 2. 3. 4. Estimation theory Tests of Hypothesis Non Parametric tests Sequential analysis In estimation theory, we estimate the unknown value of the population parameter based on the sample observations. Suppose we are given a sample of heights of hundred students in a school, based upon the heights of these 100 students, it is possible to estimate the average height of all students in that school. 1.5.5 Tests of Hypothesis: 4 A statistical hypothesis is some statement about the probability distribution, characterising a population on the basis of the information available from the sample observations. In the formulation and testing of hypothesis, statistical methods are extremely useful. Whether crop yield has increased because of the use of new fertilizer or whether the new medicine is effective in eliminating a particular disease are some examples of statements of hypothesis and these are tested by proper statistical tools. 1.6 Scope of Statistics: Statistics is not a mere device for collecting numerical data, but as a means of developing sound techniques for their handling, analysing and drawing valid inferences from them. Statistics is applied in every sphere of human activity – social as well as physical – like Biology, Commerce, Education, Planning, Business Management, Information Technology, etc. It is almost impossible to find a single department of human activity where statistics cannot be applied. We now discuss briefly the applications of statistics in other disciplines. 1.6.1 Statistics and Industry: Statistics is widely used in many industries. In industries, control charts are widely used to maintain a certain quality level. In production engineering, to find whether the product is conforming to specifications or not, statistical tools, namely inspection plans, control...
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