Descriptive Statistics.
Descriptive statistics include a large variety of methods for summarizing or describing a set of numbers. These methods may involve computational or graphical analysis.
For example, price index numbers are one example of a descriptive statistic. The measures of central tendency and dispersion are also descriptive statistics, because they describe the nature of the data collected.
Inductive Statistics.
Inductive statistics are methods of using a sample data taken from a statistical population to make actual decisions, predictions, and generalizations related to a problem of interest.
For example, in contract pricing, we can use stratified sampling of a proposed bill of materials to infer the degree it is overpriced or under-priced.
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