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Statistics
A branch of applied mathematics concerned with the collection and interpretation of quantitative data and the use of probability theory to estimate parameters.

Statistics is relevant to the predictions on the service lives of assets.
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The population of data on a scatter plot
Fig. The population of data identified on a scatter plot.


I. Care is trying to connect the dots in order to reveal the patterns in the data that underpins his assets, including trends.
Fig. I. Care is trying to connect the dots to reveal the patterns in the data that underpin his assets.


Trend line for a data set
Fig. Trend line for a data set.


Outliers relative to the trend line of a scatter plot
Fig. Outliers relative to the trend line of a scatter plot.


The "high" performers identified on a scatter plotPoor performing buildings identified on a scatter plot
Fig.  Left: The "high" performers identified on a scatter plot. Right: "Poor" performers identified on a scatter plot. 


The "high" performers identified on a scatter plot
Fig.  The "high" performers identified on a scatter plot.


Poor performing buildings identified on a scatter plot
Fig. Poor performing buildings identified on a scatter plot.


Dispersion bands on a scatter plot
Fig. Dispersion bands on a scatter plot.


Comparison of narrow and wide dispersion in a probability distribution.
Fig. Comparison of narrow and wide dispersion in a probability distribution.

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