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What exactly is statistics?

Statistics is the science and practice of expanding human knowledge through the use of quantitatively expressed empirical data. Statistics is typically regarded as a distinct mathematical science rather than a branch of mathematics. Statistical analysis is the process of gathering and analyzing data before summarizing it in numerical form. Statistics, through the use of data and statistical models, provides tools for prediction and forecasting. Statistics are useful in a wide range of academic disciplines, including finance, insurance, and economics. The development of advanced statistical techniques and software has broadened the scope of Statistics’ application to new areas.

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