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DESCRIPTIVE STATISTICS
It can be defined as the discipline of quantitatively describing the main features of a collection of data and it is distinguished from statistical inference and inductive statistics. The main aim is to summarize a sample rather than use the data to learn about the statistical population that the sample of data is thought to represent.
This concludes that it is not like inferential statistics which are not developed on the basis of probability theory and even when a data analysis is done it draws the main conclusions using inferential statistics and at the same time this is also presented.
It is used to describe the basic features of the data in a study and they provide simple summaries about the samples and the measures. Apart from the samples as well as the measures it also provides simple graphics analysis as they form the basis of virtual quantitative analysis of data.
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It is also a set of brief descriptive coefficients that summarizes a given data set that represents either the entire population or a sample and the measures that describe the data set are measures of central tendency as well as the measures of variability or dispersion.
Measures that describe the data include the mean and median as well as the mode, while measures of variability include the standard deviation, the minimum, and maximum variables as well as the Kurtosis and the Skewness.
It provides simple summaries about the sample and about the observations that have been made and such summaries may be either Quantitative research that is summary statistics. These summaries may either form the basis of the initial description of the data as part of a more extensive statistical analysis. They may be sufficient in and of themselves for a particular investigation.
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It provides a useful summary of security returns when performing empirical as well as analytical analysis as they provide a historical account of return behavior and although past information is useful in any analysis. This help to simply large amounts of data in a sensible way and each descriptive statistic can be used to reduce lots of data into a much simpler summary.
