
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. 

Read Article: See also: 
Fig. The population of data identified on a scatter plot. Fig. I. Care is trying to connect the dots to reveal the patterns in the data that underpin his assets. Fig. Trend line for a data set. Fig. Outliers relative to the trend line of a scatter plot. Fig. Left: The "high" performers identified on a scatter plot. Right: "Poor" performers identified on a scatter plot. Fig. The "high" performers identified on a scatter plot. Fig. Poor performing buildings identified on a scatter plot. Fig. Dispersion bands on a scatter plot. Fig. Comparison of narrow and wide dispersion in a probability distribution. 
(c) Copyright Asset Insights, 2013, All Rights Reserved  "Insight, foresight and oversight of assets" 