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Expertise in Statistics can be done in two main areas:
- Detailed Statistics
Descriptive Statistics is the way to summarize and interpret the obtained data so that a important pattern is formed. But this area is simplified down for making conclusion of only that information’s that we have accumulated or that is presented to us. Hence, using detailed statistics requires two types of statistical ideas: evaluate of spread also called graphical summary. Graphical summary uses graphical representation to analyze data. Second is the, evaluate of central propensity also called numerical summary. In case of statistical summary, mean, median, mode, quartile are used to analyze the given data.
- Inferential Statistics
It is the research carried out for inferring or equating our data with the general circumstances. So, this shows the variation between inferential statistics and descriptive statistics. Inferential statistics is utilized in the wider area of statistical study. Hence, the technique used in inferential statistics is sample, testing of hypothesis, principle component analysis and regression. Describing it further with an example: If you need to determine the marks of 150 students of a class, knowledge of Detailed statistics can be utilized but on the other hand if you want to calculate the marks of whole students, you require to apply the knowledge of Inferential statistics in which a proper sample from a specific population is drawn to get the outcome.
These are two significant areas in statistics. Hence, studying statistics broadens up knowledge in useful fields and thus provide as a helpful tool in taking choices smartly.
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