Question

I am curious as to how the "descriptive and inferential statistics physically mean and how they are used in a simulated "real-world" problem" portion should be answered. I spent a long time trying to come up with a way to solve this. Don't be shy. All ideas are welcome.

Answer 1

Let's first share the concept of descriptive statistics and inferential statistics.

Descriptive statistics are the procedures or methods that summaries or describes data about a population graphically or statistically while inferential statistics concludes something from a sample about the population that is making some inference of the population parameters based on the sample.

Example- Suppose a shopkeeper wants to know in which month of the year maximum garments are sold. For that he can plot data in a graph to do the histogram and can easily find his answer. So all these are descriptive methods.

Now the same shopkeeper wants to increase his sale. So what he did. He took a sample of 500 people from his locality and ask their favourite types of garments that means he is drawing some conclusion about the whole population of his locality from that given sample.Now he will bring those types of garments which he concluded from the sample and may his sale increases.

There are descriptive methods like mean, median,mode, standard deviations,quartiles etc and inferential methods like hypothesis testing, regression analysis,ANOVA, correlation etc.

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It was a pleasure solving the problem.Let me know sir/madam if you have any doubt and if possible provide a feedback or a like. THANKS.