Home | | Economics 12th Std | Types of Statistics

Chapter: 12th Economics : Chapter 12 : Introduction to Statistical Methods and Econometrics

Types of Statistics

There are two major types of statistics named as Descriptive Statistics and Inferential Statistics.

Types of Statistics

There are two major types of statistics named as Descriptive Statistics and Inferential Statistics.


1. Descriptive Statistics

The branch of statistics devoted to the summarization and description of data is called Descriptive Statistics

2. Inferential Statistics

The branch of statistics concerned with using sample data to make an inference about a population of data is called Inferential Statistics.



Major differences between Descriptive Statistics and Inferential Statistics


Descriptive statistics

1. It describes the population under study.

2. It presents the data in a meaningful way through charts, diagrams, graphs, other than describing in words.

3. It gives the summary of data.

Inferential statistics

1. It draws conclusion for the population based on the sample result.

2. It uses hypotheses, testing and predicting on the basis of the outcome.

3. It tries to understand the population beyond the sample.


Study Material, Lecturing Notes, Assignment, Reference, Wiki description explanation, brief detail
12th Economics : Chapter 12 : Introduction to Statistical Methods and Econometrics : Types of Statistics |


Privacy Policy, Terms and Conditions, DMCA Policy and Compliant

Copyright © 2018-2023 BrainKart.com; All Rights Reserved. Developed by Therithal info, Chennai.