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.

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

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