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Graphs: An Important Tool of the Financial World

Statistics is one of the most important branches of mathematics. This branch of mathematics has wide application to be used on an everyday basis. Statistics is a subject that is taught to students from their primary and secondary classes. This branch of mathematics is also taught to students of every stream, if one wants to be an engineer or a Chartered Accountant, statistics is the subject to be known. This branch deals with graphs, analysis, and collection of data. In this branch of mathematics, students study different types of graphs like bar graph, pictographs, histograms, etc.

This article deals with different types of graphs which we study in everyday life. This article mainly focuses on a bar graph.

First of all, let’s discuss what is the need for graphs and charts in statistics. Graphs and charts help in giving out the pictorial and graphical representation of a collection of data which helps in the understanding of things in a better way.

Listed below are different types of charts and graphs which we study in mathematics.

  • Bar graph
  • Histogram
  • Pie chart
  • Pictograph
  • Area chart
  1. Pie chart: 

The pie chart is a statistical type of chart that provides the data and statistics in the form of a pie, that is a circle.

Each slice of pie is relative to the size of a particular category in a given group as a whole. In simple words, the pie chart help in breaking down a group into smaller pieces. It displays part-whole relationships. 

  1. Pictograph:

The pictograph is one of the most visually appealing types of graphs that deals with information of numbers with the use of icons or picture symbols to display the sets of data

They are very easy and simple to read statistical ways of visualization of one’s data. A pictogram displays the frequency of data as images or symbols. Each image/symbol may represent one or more units of a datasheet that are already provided.

  1. Area chart:

Area charts display the difference in one or several quantities over time. Although, They look very similar to the line chart. But the area which lies between the axis and line is usually filled with colors.

  1. Bar graph:

A bar graph is a type of graph that displays complete data with the help of rectangular bars and the heights of bars are directly proportional to the values that they convey. The bars in the graph can be both vertical and horizontal. Bar graphs are also recognized as bar charts and it is a pictorial representation of a collection of data. It is one of the best ways of handling the data. The bars give a visual display of the data which doesn’t depend on one another. The bar graphs have exactly two lines, horizontal and vertical axis, also known as the x and y-axis.

Listed below are some of the properties of the bar graph:

  • All the rectangular bars should have equal width and should have equal space between each other.
  • These bars can be drawn in both ways are horizontally or vertically.
  • The height of the bar which is rectangular is equal to the data they represent.
  • The most important thing to remember is that these bars should lie on a common base.

These were some properties to keep in mind while plotting a bar graph. Bar graphs are plotted to compare different variables and plot data which is in the form of categories such as data of different types of animals, different types of colors.

  1. Histograms:

These types of graphs are plotted to display the distributions of variables and plot the data which is quantitative such as data of the population which will change every year and the monthly salary.

This was the list of some important graphs which we study in mathematics. 

If one wants to study more about different types of graphs then he can refer to a website known as Cuemath. This website helps in clearing all the doubts about mathematics. This website is helping a lot of students in removing out the phobia of mathematics from their lives.

 

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