Statistics --Descriptive statistics are brief descriptive coefficients that summarize a given data set, which can be either a representation of the entire population or a sample of a population. Descriptive statistics are broken down into measures of central tendency and measures of variability (spread). Measures of central tendency include the mean, median, and mode, while measures of variability include standard deviation, variance, minimum and maximum variables, kurtosis, and skewness.--Adam Keyes, Investopedia. Descriptive Statistics
Median --denoting or relating to a value or quantity lying at the midpoint of a frequency distribution of observed values or quantities, such that there is an equal probability of falling above or below it.--Oxford Language
The U.S. Census Data and Small Business Administration Data are descriptive data sets.
The gross domestic product (GDP) is the total value of goods produced and services provided in a country during one year. It is explained in chapter 5 of Understanding Statistics. The GDP is compiled from descriptive data.
Descriptive data is a comprehensive data set. The census data is a comprehensive data set. Meaning the entire population was surveyed. See the video section entitled DATA GEMS for how to see U.S. Census data for your service area for your new venture.
Inferential statistics test descriptive statistics when the data collected is a sample and not the entire population.
Common tools include:
