Types of Statistics

Every thing starts from problem understanding and every problem have a solution. If we can able to understand problem or issue completely then only we could give accurate solutions or suggestions.

So, the same myth applicable for statistics.. When we have data at hands, first we need to understand data properly and then we need to go for business solution.

To understand data or to take decisions we can for statistical techniques..

Statistics classified into two types. From each type of statistics you will get insights and solution to problem.

Descriptive Statistics and Inferential Statistics

First let’s talk about Descriptive Statistics(DS)….

As we have already discussed problem understanding….

The name it self saying descriptive, which is useful to describe the problem and helps to understand data properly

Descriptive Statistics has different techniques to deal with data.

Measures of Frequency

Measures of Dispersion

Measures of Central Tendency

Measures of Positions

Data Distributions

Secondly, Inferential Statistics(IS)

Once we get information from descriptive stage, this the time to take decision. Inferential Statistics will help to you take that decision.

Inferential Statistics has different techniques to deal with data.

Probability & Probability Distributions

Sampling and Sampling Techniques

Estimations

Hypothesis Testing

t, Z, ANOVA & Types, Chi-Square Testing

that’s all for this blog. Next blog I will explain about each and every technique with business uses cases..

Thank you