Descriptive Statistics v/s Inferential Statistics

Generally, there are two types of statistics that are used to deal with the data when the requirements of the analyst are different. The main difference lies in the final requirements only if the person just wants to extract meaningful insights from the data at hand then the domain of statistics that will be used by him is known as Descriptive Statistics but if we would like to use the observations to predict the future data let’s say in the time series related dataset then our objective contains the process of inference as well and hence it is also known as Inferential Statistics.

We can summarize this as when we would like to make some predictions/inferences based on some dataset at hand then those statistical methods are known as inferential statistics.

Whenever we deal with some piece of data no matter whether it is small or stored in huge databases statistics is the key that helps us to analyze this data and provide insightful points to understand the whole data without going through each of the data pieces in the complete dataset at hand. In this article, we will learn about Descriptive Statistics and how actually we can use it as a tool to explore the data we have.