Descriptive Statistics or Inferential Statistics
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Are Confidence intervals part of descriptive statistics or inferential statistics- why? Why would we use confidence intervals instead of point estimates? Give an example of the use of a confidence interval and why you would prefer it over point estimates in your example.
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Solution Summary
This discusses the concept of descriptive statistics and inferential statistics
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Descriptive statistics is a branch of statistics that denotes any of the many techniques used to summarize a set of data. In a sense, we are using the data on members of a set to describe the set. The techniques are commonly classified as:
1. Graphical description in which we use graphs to summarize data.
2. Tabular description in which we use tables to summarize data.
3. Parametric description in which we estimate the values of certain parameters which we assume to complete the description of the set of data.
Descriptive statistics includes estimates of most likely data values, their variation, and graphs.
Inferential ...
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