Differentiate between Descriptive and Inferential statistics.

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Statistics is a branch of mathematics that deals with the collection, analysis, interpretation, presentation, and organization of data. It is a powerful tool used to make sense of the vast amount of information available in various fields, such as science, business, social sciences, and more. Two fundamental branches of statistics are descriptive statistics and inferential statistics. Both serve distinct purposes and are essential in drawing meaningful conclusions from data. In this essay, we will differentiate between descriptive and inferential statistics, highlighting their characteristics, applications, and key differences.

Descriptive Statistics:

Descriptive statistics involve the process of summarizing and describing data in a meaningful and concise manner. Its primary objective is to organize raw data into a more understandable and informative form to gain insights into the underlying patterns and characteristics of the dataset. Descriptive statistics use various techniques to accomplish this, including measures of central tendency (e.g., mean, median, and mode) and measures of dispersion (e.g., range, variance, and standard deviation). It also involves graphical representations like histograms, bar charts, pie charts, and scatter plots to visually represent the data.

The key characteristics of descriptive statistics are as follows:

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Degree : BACHELOR DEGREE PROGRAMMES
Course Name : BACHELOR IN COMMERCE CHOICE BASED CREDIT SYSTEM
Course Code : B.Com(G) CBCS
Subject Name : BUSINESS MATHEMATICS AND STATISTICS
Subject Code : BCOC 134
Year : 2022 2023