Descriptive
statistics according to www.businessdictionary.com , is mathematical quantities method that summarize and interpret some
of the properties of a set of data but do not infer the properties of the
population from which the sample was drawn
(WebFinance,
Inc). Trochim (2006) referred to, descriptive statistics
we are describing what is or what the date show, and it is use to present
quantitative descriptions in a manageable form (Trochim, 2006). For the other hand, inferential statistic is mathematical methods that employ
probability theory for deducing the properties of a population from the
analysis of the properties of a data sample drawn from it. (WebFinance,
Inc) .It is concerned also with the precision and
reliability of the inferences it helps to draw. Trochim (2006) explains that
with the inferential statistic we could obtain conclusions that extend beyond
the immediate data alone. (Trochim,
2006).
Sample
is a smaller,
manageable version of a large group; a subset containing the characteristics of
a large population (Investopedia ULC), and the population
are the entire pool from which a statistical sample is drawn.
Examples:
Population= 70 years old men with cardiovascular disease in Tampa.
Sample= 70 years old men with
cardiovascular disease seen in the office
of Cardiovascular Center of
Tampa.
Statistic is a process that analyst, mathematician or
statistician use to characterize a data set (Investopedia ULC) is something that describes a sample, and is used as
an estimator for a population parameter; it is the end result of a calculation.
Parameter in businessdictionary.com
is describes like a definable, measurable, and constant or variable
characteristic, dimension, property, or value, selected from a set of data,
because it is considered essential to understanding a situation, or solving a
problem. (WebFinance,
Inc). Statistic describes a sample, whereas a parameter
describes an entire population.
Discrete data is an individually recognizable and countable,
distinct and separate from the similar items, finite and non-continuous. (WebFinance,
Inc), and Continuous
data is a set of observations usually associated with physical measurement
that can take on any mathematical value within specified parameters. It can
take any value on a range.
Bibliography
Investopedia ULC. (n.d.). investopedia.com.
Retrieved June 18, 2012, from
http://www.investopedia.com/terms/s/sample.asp#axzz1y9dYCGdG
Trochim, W. M. (2006). Knowledge base research methods.
Retrieved june 18, 2012, from
http://www.socialresearchmethods.net/kb/statdesc.php
WebFinance, Inc. (n.d.). Businessdictionary.com.
Retrieved June 18, 2012, from
http://www.businessdictionary.com/definition/descriptive-
statistics.html