Question

Do you think Descriptive statistics are useful in today's business environment, especially when everyone is talking about the data analysis? Why?

Answer 1

Descriptive statistics is the term given to the analysis of data that helps describe, show or summarize data in a meaningful way.
Descriptive statistics are very important because if we simply presented our raw data it would be hard to visualize what the data was showing, especially if there was a lot of it. Descriptive statistics therefore enables us to present the data in a more meaningful way, which allows simpler interpretation of the data.
Measures of central tendency: these are ways of describing the central position of a frequency distribution for a group of data.central position describe using a number of statistics, including the mode, median, and mean.
Measures of spread: Measures of spread help us to summarize how spread out data. To describe this spread, a number of statistics are available to us, including the range, quartiles, absolute deviation, variance and standard deviation.
When we use descriptive statistics it is useful to summarize our group of data using a combination of tabulated description (i.e., tables), graphical description (i.e., graphs and charts) and statistical commentary (i.e., a discussion of the results).
Hence Descriptive statistics are useful in today's business environment, especially when everyone is talking about the data analysis.