Jeff S. answered 07/30/22
Mathematics & Finance Ninja - Get Your Hired Gun Today!
Statistics helps us understand randomness. Everything we encounter has an element of randomness. Roll a die many times - it seems like we can say nothing about the outcomes - but we can use statistics to understand general patterns. Statistics is a pattern. A mean is where the data “bunches” up, the median is the value that sits in the middle - the median represents the middle result, the mode is the most frequently observed value. We can completely predict the outcomes of random events, but we can estimate some general patterns, and that allows us to account for and manage the aspects of random events which we can estimate. Casinos, the stock market, earthquakes, etc.