QNT 275 Week 1 participation Essentials of Business Statistics, Ch. 1
Inferential Versus Descriptive Statistics (A thought )
I like the material in this chapter, I have always found it an enjoyable read. Simply put, Descriptive statistics is a form of statistics that use Graphs, Charts and simple mathematical techniques to summarize how the sample population is behaving. In fact, you can add a brief Executive Summary to the graphs, charts and simple mathematical techniques to articulate a message to the intended audience.
On the other hand, Inferential Statistics are the use of statistical techniques to draw an inference on how the sample population is behaving. It is through one simple Numeric, that a researcher can determine what is going on with the sample population, identify their behavior, identify patterns in the behavior and forecast future behavior. Inferential Statistical techniques include (but not limited to): Z-score, Z-test, T-test (and all forms of the T-test). ANOVA, Chi-Square and Regression Analysis.
In this class, we are going to learn about both Inferential and Descriptive statistics. Any questions or thoughts?