What are Statistics and why are they important?

Welcome to Part A: Statistics! This Part contains these sections:

  • Section 2: Basic Statistics
  • Section 3: Intermediary Statistics
  • Section 4: Linear Regression
  • Section 5: Multilinear Regression
  • Section 6: Logistic Regression

So what are statistics and why should you learn this? Statistics is the field of mathematics dedicated to analysis and research. If you're doing research on a product, conducting tests of an advertisement's effectiveness, or evaluating the stock market, you employ statistical methods. Knowing statistics is the basis of business data analytics, but you'll also find it useful for pretty much anything and everything - the entire world around you runs on statistics!

Even basic concepts like Mean, Standard Deviation, or Interval of Confidence can be a game-changer for you to interpret, challenge, and even present your reasoning in any job. In fact, every job will benefit from knowing statistics.

The concepts you learn here will help you understand the more advanced (and I'd say fun!) topics in the course such as Econometrics and Causal Inference, Segmentation, and Predictive Analytics.

The most important thing is that statistics are here to stay and won't change (unlike a lot of programming languages). You don't have to worry about these statistical methods becoming outdated. So the concepts you learn here can serve you for a lifetime in any job.

Have fun and remember that statistics are powerful.