A Statistician's View on Data and Data Science

In an Estimation problem, looking at a data to derive any inference about a'characteristic' of a Population, this approach mainly uses a sample taken at'random' from a collection of these similar items. An'estimate' of that characteristic (also known as a parameter) of the collection (or Universe, Population), is computed from that sample. This estimate is then tested to find out how close it might be to the original parameter, which is usually unknown. Graphical methods such EDA (Exploratory Data Analysis) are also used to study and guess the nature of the characteristic in the population, based on the data from the sample. Sampling is repeated or replicated several times, to reduce the error in the estimate.