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Q: 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.

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.

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## What does "effect size" mean?

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Full Answer >**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."Filed Under: - Q:
## Why is sampling important?

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Full Answer >**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.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.

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## What is the x-bar in statistics?

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Full Answer >**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.Filed Under: