Now a write up on stats 2
1.2 Statistical Modeling and Business Statistics for Decision Making.
Statistics can be broadly divided into two categories —
1. Descriptive Statistics
2. Inferential Statistics
Descriptive statistics describes the state of the affairs. It tells you what kind of data you are dealing with. e.g. What is the average strength of the cement block. What is the variability of that strength? We know that all cement blocks that are tested may not give the exactly same value. We need to know how much the test values differ from each other. The idea of this variation is given by variability measures. All these measures are discussed at length in the following chapters. Thus Descriptive statistics can be used to summarize the data, either numerically or graphically, to describe the sample. Basic examples of numerical descriptors which are used to describe the data include the mean and standard deviation. Graphical summarizations include various kinds of charts and graphs.