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Business Terms and Concepts

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Understanding Business Research Terms and Concepts: Part 2
Statistical procedures can be divided into two major categories: descriptive statistics and inferential statistics. When it comes to statistical analysis, there are two classifications: descriptive statistics and inferential statistics. In a nutshell, descriptive statistics intend to describe a big hunk of data with summary charts and tables, but do not attempt to draw conclusions about the population from which the sample was taken. Descriptive statistics are very important because if we simply presented our raw data it would be hard to visualize what the data was showing, especially if there was a lot of it. Descriptive statistics therefore enables us to present the data in a more meaningful way, which allows simpler interpretation of the data. Descriptive statistics includes statistical procedures that we use to describe the population we are studying. The data could be collected from either a sample or a population, but the results help us organize and describe data. Descriptive statistics can only be used to describe the group that is being studying. On the other hand inferential statistics allows us to draw conclusions from data that might not be immediately obvious. In most cases an inferential statistic is used to test some hypothesis. Inferential statistics is concerned with making predictions or inferences about a population from observations and analyses of a sample. I was able to come across two article that differ using each of the discussed prior. I also summarize each of the data collection instruments, sampling methods, and the statistical methods.
The first article I chose is about Apples’s statistics leading to success. Apple Computer Inc. exceeded earnings estimates made by Wall Street analysts for the third consecutive quarter today. Apple said it had sold a record number of its G3…...

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