DESCRIPTIVE STATISTIC

      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.
     From the beginning, mankind has compiled information to exploit the resources
available and improve their living conditions. With the development of society, their
needs have become more sophisticated, the information required, is ever increasing in
quantity and diversity. Technological development has allowed the compilation and
analysis of information to be made each time with greater precision and in a wider
framework, as well as reducing errors and time in obtaining results.
     A manager needs to understand and interpret the information properly, by using
statistics, which allows him to organize, analyze, and perform this information; all of
which will help to make decisions, prove facts, and help him differentiate between
facts and opinions.
     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.
     Computer programs like MS Excel, provides the possibility to use, analyze and
represent in different way, all the information we bring to analysis; make the
statistical expression have much more colorful and pleasing at the time of display;
facilitates communication of statistics to our viewers. Excel is a spreadsheet that
allows us to build statistical tables, note attendance records, and other, this programs
can work with numbers easily and intuitively.


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