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.
Continue ReadingDescriptive 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.
Learn more about Statistics