Explain functions and importance of Statistics. 

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Statistics is a branch of mathematics that deals with the collection, analysis, interpretation, presentation, and organization of data. It plays a vital role in various fields, including business, economics, social sciences, medicine, and more. Statistics helps in making informed decisions by providing valuable insights and understanding patterns and trends within data. In this essay, we will explore the functions and importance of statistics in different aspects of life.

Functions of Statistics:

1. Data Collection and Organization:
Statistics aids in the systematic collection of data from various sources. This data can be in the form of surveys, experiments, or observational studies. The data is then organized in a structured manner, allowing for easier analysis and interpretation. This function is crucial as it lays the foundation for all subsequent statistical analyses.

2. Data Analysis:
One of the primary functions of statistics is to analyze the collected data. Various statistical methods, such as descriptive statistics, inferential statistics, regression analysis, and hypothesis testing, are employed to extract ____ __ _________ _____ _____________ ________ __________ __________ ____________ ______ ____________ _______.
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Degree : BACHELOR DEGREE PROGRAMMES
Course Name : BACHELOR IN COMMERCE CHOICE BASED CREDIT SYSTEM
Course Code : B.Com(G) CBCS
Subject Name : BUSINESS MATHEMATICS AND STATISTICS
Subject Code : BCOC 134
Year : 2022 2023