Algorithm and Statistics

noun

• A precise rule (or set of rules) specifying how to solve some problem.
  • synonyms: algorithmic rule, algorithmic program

• (n.) The art of calculating by nine figures and zero.
• (n.) The art of calculating with any species of notation; as, the algorithms of fractions, proportions, surds, etc.

Algorithm is a complex mathematical model. In credit scoring, it is used to compare data in millions of credit reports and predict a person's likelihood to repay debts.

noun

• A datum that can be represented numerically.
  • synonyms: statistic
• A branch of applied mathematics concerned with the collection and interpretation of quantitative data and the use of probability theory to estimate population parameters. .

• (n.) The science which has to do with the collection and classification of certain facts respecting the condition of the people in a state.
• (n.) Classified facts respecting the condition of the people in a state, their health, their longevity, domestic economy, arts, property, and political strength, their resources, the state of the country, etc. or respecting any particular class or interest; especially, those facts which can be stated in numbers or in tables of numbers or in any tabular and classified arrangement.
• (n.) The branch of mathematics which studies methods for the calculation of probabilities.