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| Types Of Statistics |
How Many Types Of Statistics
Type Of Statistics
In the basic Statistics for Beginners, the descriptive statistics are used to describe a sample and its characteristics. In other words, like when you compare two groups of people. The main difference between this two kinds of statistics is that the description given in descriptive statistics can’t be generalized due to its focus on a single element. On the other hand, its opposite is an example where inferential statistics is used, which is used to generalize the results. For instance, if you want to make some predictions about something based on your knowledge about it. So, if you know what the future holds for us, the prediction will be more accurate.
2 types
Descriptive Statistics
In simple words, it tells us how much our items have changed in the past, or when something happened. It’s also called “statistical sum” or “descriptive statistic”. You can find many forms of this kind of information.
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| Types of Statistics |
There aren’t any rules that govern the selection for these types of statistics. There isn’t any right answer for you to choose. These types of statistics are used mostly by professionals for different purposes. Some of them include;
Demographics
This is based in data about a person’s age, gender and income. A lot of companies use demographic data for their marketing. With more than one hundred million households in China, each is a separate part of society. This statistic helps you understand how different segments of the population are performing at different points in history over time and how they are changing in the present, the past.
Economic Indicators
Economic indicators measure things like Gross Domestic Product (GDP), Employment rate, unemployment rates etc.. An economic indicator measures whether something positive has happened. Economic variables are mainly used by market forces to decide where markets go before they move. They determine what kind of products to produce and, on the surface, seem like helpful tools for assessing growth and prosperity. However, economic indicators may not accurately represent an economy’s performance because they rely on so many factors beyond just the price of a particular good or service.
Socio-Economic Data
These kinds of data can give you information if your country went strong economically during times of war, recession or depression. They can tell you what sort of jobs your city needs now and it might become available. And if there was such thing as poverty then those would not be available. Sociological data gives us insight into who lived in our area, who wasn’t well-off and where the wealthy people live, who lives where they might have to leave. Economical data is useful for determining how rich or poor we are. Because in most of the countries, people belong to middle class and upper classes.
The three types of data have a lot of variations and all of them are important in understanding society.
3 types of inferential Statistics
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| Types of statistics |
Some forms of statistics are more useful for making decisions than others. Like, it’s common information for politicians. In order to do anything worthwhile politically, a politician is looking at data and finding ways to get the best possible information out of it. Politicians usually study survey or polls done by public figures, and analyze them in order to identify trends and patterns.
Inferential Statistics
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| Types of statistics |
Inferential Statistics are used mostly by researchers. It includes the methods of meta analysis and the field of psychology. When conducting research, psychologists look at samples of participants and their behavior. By doing this, psychologists can identify what makes certain people more likely than others to behave in a certain way. Or perhaps a way to create new drugs to help people. If scientists are able to do that, they are able to figure out what causes diseases or disorders. For instance, many of the treatment for cancer depend upon finding a specific protein called p53. If scientists can find a particular amino acid to be at the center of that sequence, they can develop a drug with it. But there’s no guarantee of drug success. Also, this is a very complex process, and there isn’t one single solution to it.
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