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In descriptive statistics, the quartiles of a ranked set of data values are the three points that divide the data set …

Boxplot (with quartiles and an interquartile range) and a probability density function (pdf) of a normal N(0,1σ2) population

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1. Quartile – In descriptive statistics, the quartiles of a ranked set of data values are the three points that divide the data set into four equal groups, each group comprising a quarter of the data. A quartile is a type of quantile, the first quartile is defined as the middle number between the smallest number and the median of the data set. The second quartile is the median of the data, the third quartile is the middle value between the median and the highest value of the data set. In applications of such as epidemiology, sociology and finance. Thus an individual item might be described as being in the upper quartile, for discrete distributions, there is no universal agreement on selecting the quartile values. Use the median to divide the data set into two halves. If there are an odd number of points in the original ordered data set. If there are a number of data points in the original ordered data set. The lower quartile value is the median of the half of the data. The upper quartile value is the median of the half of the data. This rule is employed by the TI-83 calculator boxplot and 1-Var Stats functions, use the median to divide the ordered data set into two halves. If there are an odd number of points in the original ordered data set. If there are a number of data points in the original ordered data set. The lower quartile value is the median of the half of the data. The upper quartile value is the median of the half of the data. The values found by this method are known as Tukeys hinges. If there are a number of data points, then Method 3 is the same as either method above since the median is no single datum. If there are points, then the lower quartile is 25% of the nth data value plus 75% of the th data value

2. Sociology – Sociology is the study of social behaviour or society, including its origins, development, organisation, networks, and institutions. It is a science that uses various methods of empirical investigation and critical analysis to develop a body of knowledge about social order, disorder. Many sociologists aim to research that may be applied directly to social policy and welfare. Subject matter ranges from the level of individual agency and interaction to the macro level of systems. The traditional focuses of sociology include social stratification, social class, social mobility, religion, secularization, law, sexuality, the range of social scientific methods has also expanded. Social researchers draw upon a variety of qualitative and quantitative techniques, the linguistic and cultural turns of the mid-twentieth century led to increasingly interpretative, hermeneutic, and philosophic approaches towards the analysis of society. There is often a great deal of crossover between social research, market research, and other statistical fields, Sociology is distinguished from various general social studies courses, which bear little relation to sociological theory or to social-science research-methodology. The US National Science Foundation classifies sociology as a STEM field, Sociological reasoning pre-dates the foundation of the discipline. Social analysis has origins in the stock of Western knowledge and philosophy. The origin of the survey, i. e, there is evidence of early sociology in medieval Arab writings. The word sociology is derived from both Latin and Greek origins, the Latin word, socius, companion, the suffix -logy, the study of from Greek -λογία from λόγος, lógos, word, knowledge. It was first coined in 1780 by the French essayist Emmanuel-Joseph Sieyès in an unpublished manuscript, Sociology was later defined independently by the French philosopher of science, Auguste Comte, in 1838. Comte used this term to describe a new way of looking at society, Comte had earlier used the term social physics, but that had subsequently been appropriated by others, most notably the Belgian statistician Adolphe Quetelet. Comte endeavoured to unify history, psychology and economics through the understanding of the social realm. Comte believed a positivist stage would mark the final era, after conjectural theological and metaphysical phases, Comte gave a powerful impetus to the development of sociology, an impetus which bore fruit in the later decades of the nineteenth century. To say this is not to claim that French sociologists such as Durkheim were devoted disciples of the high priest of positivism. To be sure, beginnings can be traced back well beyond Montesquieu, for example, Marx rejected Comtean positivism but in attempting to develop a science of society nevertheless came to be recognized as a founder of sociology as the word gained wider meaning. For Isaiah Berlin, Marx may be regarded as the father of modern sociology

3. Finance – Finance is a field that deals with the study of investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainty, Finance can also be defined as the science of money management. Finance aims to price assets based on their level and their expected rate of return. Finance can be broken into three different sub-categories, public finance, corporate finance and personal finance. g, health and property insurance, investing and saving for retirement. Personal finance may also involve paying for a loan, or debt obligations, net worth is a persons balance sheet, calculated by adding up all assets under that persons control, minus all liabilities of the household, at one point in time. Household cash flow totals up all the sources of income within a year. From this analysis, the financial planner can determine to what degree, adequate protection, the analysis of how to protect a household from unforeseen risks. These risks can be divided into the following, liability, property, death, disability, health, some of these risks may be self-insurable, while most will require the purchase of an insurance contract. Determining how much insurance to get, at the most cost effective terms requires knowledge of the market for personal insurance, business owners, professionals, athletes and entertainers require specialized insurance professionals to adequately protect themselves. Since insurance also enjoys some tax benefits, utilizing insurance investment products may be a piece of the overall investment planning. Tax planning, typically the income tax is the single largest expense in a household, managing taxes is not a question of if you will pay taxes, but when and how much. Government gives many incentives in the form of tax deductions and credits, most modern governments use a progressive tax. Typically, as ones income grows, a marginal rate of tax must be paid. Understanding how to take advantage of the tax breaks when planning ones personal finances can make a significant impact in which it can later save you money in the long term. Investment and accumulation goals, planning how to accumulate enough money - for large purchases, major reasons to accumulate assets include, purchasing a house or car, starting a business, paying for education expenses, and saving for retirement. Achieving these goals requires projecting what they will cost, and when you need to withdraw funds that will be necessary to be able to achieve these goals, a major risk to the household in achieving their accumulation goal is the rate of price increases over time, or inflation. Using net present value calculators, the planner will suggest a combination of asset earmarking. In order to overcome the rate of inflation, the investment portfolio has to get a higher rate of return, managing these portfolio risks is most often accomplished using asset allocation, which seeks to diversify investment risk and opportunity

4. Statistics – Statistics is a branch of mathematics dealing with the collection, analysis, interpretation, presentation, and organization of data. In applying statistics to, e. g. a scientific, industrial, or social problem, populations can be diverse topics such as all people living in a country or every atom composing a crystal. Statistics deals with all aspects of data including the planning of data collection in terms of the design of surveys, statistician Sir Arthur Lyon Bowley defines statistics as Numerical statements of facts in any department of inquiry placed in relation to each other. When census data cannot be collected, statisticians collect data by developing specific experiment designs, representative sampling assures that inferences and conclusions can safely extend from the sample to the population as a whole. In contrast, an observational study does not involve experimental manipulation, inferences on mathematical statistics are made under the framework of probability theory, which deals with the analysis of random phenomena. A standard statistical procedure involves the test of the relationship between two data sets, or a data set and a synthetic data drawn from idealized model. A hypothesis is proposed for the relationship between the two data sets, and this is compared as an alternative to an idealized null hypothesis of no relationship between two data sets. Rejecting or disproving the hypothesis is done using statistical tests that quantify the sense in which the null can be proven false. Working from a hypothesis, two basic forms of error are recognized, Type I errors and Type II errors. Multiple problems have come to be associated with this framework, ranging from obtaining a sufficient sample size to specifying an adequate null hypothesis, measurement processes that generate statistical data are also subject to error. Many of these errors are classified as random or systematic, the presence of missing data or censoring may result in biased estimates and specific techniques have been developed to address these problems. Statistics continues to be an area of research, for example on the problem of how to analyze Big data. Statistics is a body of science that pertains to the collection, analysis, interpretation or explanation. Some consider statistics to be a mathematical science rather than a branch of mathematics. While many scientific investigations make use of data, statistics is concerned with the use of data in the context of uncertainty, mathematical techniques used for this include mathematical analysis, linear algebra, stochastic analysis, differential equations, and measure-theoretic probability theory. In applying statistics to a problem, it is practice to start with a population or process to be studied. Populations can be diverse topics such as all living in a country or every atom composing a crystal. Ideally, statisticians compile data about the entire population and this may be organized by governmental statistical institutes