To become a successful Data Scientist you must know your basics. Math and Stats are the building blocks of Machine Learning algorithms. It is important to know the techniques behind various Machine Learning algorithms in order to know how and when to use them. Now the question arises, what exactly is Statistics?

Statistics is a Mathematical Science pertaining to data collection, analysis, interpretation and presentation.

Statistics is used to process complex problems in the real world so that Data Scientists and Analysts can look for meaningful trends and changes in Data. In simple words, Statistics can be used to derive meaningful insights from data by performing mathematical computations on it.

Several Statistical functions, principles and algorithms are implemented to analyse raw data, build a Statistical Model and infer or predict the result.

The field of Statistics has an influence over all domains of life, the Stock market, life sciences, weather, retail, insurance and education are but to name a few.

Moving ahead. let's discuss the basic terminologies in Statistics.