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The types of statistics

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Title: The types of statistics


1
What are the types of statistics and the
concepts related to them?
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2
What are statistics?
Statistics is the concept of applied mathematics
which also has a hint of science. The data is the
core for any department and its growth, from the
government to the private sector all use
statistics. Various economic sectors can be analyz
ed after the relevant data is been dragged out
with the help of statistics. The data can be quali
tative or quantitative depending upon the
requirement. And as the statistic is been sued thr
ough several sectors it is been divided into
types for better functioning. Here we will talk ab
out the types of statistics for your statistics
assignment help.
3
Is statistics used in economics as well as
finance field?
Before we reveal the types of statistics you must
know the areas in which the concepts of
statistics is been used Both economics and finance
utilize the techniques and theories of
statistics. Economist gathers and analyzes the
different data which talks about the consumer
spending. Not just the spending but inflation,
GDP, etc all of these datas is been collect and
analyzed. These data help in taking vital decision
s leading to the growth of any company or even
the nation's economy.
4
Descriptive statistics
The first type of statistics is known as
descriptive statistics. This type focuses on descr
ibing the properties displayed by the population
data and the sample. It includes distribution of
the sample, central tendency, and variability of
the data. The central tendency is to assess the
characteristics of the population or the
sample. Variability is all about the techniques in
statistics that showcase the difference that s
there among the different elements of the
sample. This is done by measuring and the metrics
are inclusive of the standard deviations,
variance, and range.
5
Inferential statistics
The second type of statistics is known as
inferential statistics. It is the tool used by the
statisticians for bringing out the conclusions
related to the characteristics of the population
or sample. The conclusions are almost accurate so
that they can be reliable. The sample size and
the distribution of the data can be measured by
the statistician using techniques of inferential
statistics. For working with a large population or
sample inferential statistics is been used.
6
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