What are the two major types of statistics?
Credit:Open Data InstituteCC-BY-SA 2.0
Q:

What are the two major types of statistics?

A:

Quick Answer

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.

 Know More

Full Answer

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.

Learn more about Statistics

Related Questions

  • Q:

    What does "effect size" mean?

    A:

    In statistics, effect size is the magnitude of the difference between two variables. The most common measures of effect size used are the correlation coefficient "r" and the regression coefficient "R."

    Full Answer >
    Filed Under:
  • Q:

    Why is sampling important?

    A:

    Sampling, in statistics, is a method of answering questions that deal with large numbers of individuals by selecting a smaller subset of the population for study. One of the most prevalent types of sampling is random sampling.

    Full Answer >
    Filed Under:
  • Q:

    What does coefficient of variation measure?

    A:

    The coefficient of variation is used in statistics to measure distribution. It can be found from the ratio of the standard deviation over the mean of a set of numbers to calculate both probability and frequency. When it is used in finance, the mean is considered the expected return.

    Full Answer >
    Filed Under:
  • Q:

    What is the x-bar in statistics?

    A:

    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.

    Full Answer >
    Filed Under:

Explore