Descriptive Statistics
Descriptive statistics is a branch of statistics that involves summarizing, organizing, and presenting data meaningfully and concisely. It focuses on describing and analyzing a datasets main features and characteristics without making any generalizations or inferences to a larger population. Descriptive statistics provide simple summaries about the sample and the observations that have been made. These summaries may be either quantitative, such as summary statistics, or visual, such as simple-to-understand graphs. The main purpose of descriptive statistics is to effectively summarize and describe the main features of a dataset, providing an overview of the data and helping to identify patterns and relationships within it. It includes measures of central tendency (mean, median, mode), dispersion (range, variance, and standard deviation), and types of descriptive statistics such as distribution, central tendency, and variability.
Descriptive statistics are used to provide a useful starting point for analyzing data, as they can help to identify outliers, summarize key characteristics of the data, and inform the selection of appropriate statistical methods for further analysis. In summary, descriptive statistics are a set of brief informational coefficients that summarize a given data set, providing a useful summary of many types of data in various fields such as business, research, and finance.
