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Q:

# What are the two major types of statistics?

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The two major types of statistics are descriptive statistics and inferential statistics. Each of these statistical segments serves specific purposes, and they are used to accomplish different objectives.

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Descriptive statistics is used to describe and summarize data. Numerical measures such as average, standard deviation and correlation are used to describe the features of a set of data. Inferential statistics studies a statistical sample and, through analysis, is able to say something about the population from which the sample came. Because it is difficult to examine each member of the population individually, a representative sample is used to make estimations, correlations and predictions using the data.

## Related Questions

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In statistics, an x-bar indicates the average or mean value of the random variable "x." A bar over any capital letter indicates the mean value of a random variable.

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A good idea for a statistics project would be to investigate the distributions of returns for different investments, and then construct and manage a model portfolio. Different asset classes such as money markets, bonds, equities and commodities could be compared.

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Descriptive statistics are statistics that describe the central tendency of the data, such as mean, median and mode averages. Variance in data, also known as a dispersion of the set of values, is another example of a descriptive statistics. Greater variance occurs when scores are more spread out from the mean. Descriptive statistics summarize data.