an example of descriptive statistics in the context of real

an example of descriptive statistics in the context of real estate business, and an example of inferential statistics in the context of a professional sport of your choice.

Solution

Descriptive Statistics in the context of real estate business -

Descriptive statistics give information in some manner that are sufficient to descrie the complete data. It gives measure of the minimum, maximum and the spread of the data. So, based on the descriptive statistics measure we can compare different data sets withn same units.

Consider the variable \"Price of a flat\". For a particular locality, ket\'s say that out of 100 flats there are 40 2BHK flats, 30 3BHK flats and 30 1BHK flats.

So a simple descriptive statistics would be that 40% of the flats in this localityare 2BHK.

Now if we also have the prices of these flats, then we can compare the average prices of the three categories along with the mesure of spread and the maximum and minimum values. So, a person can decide an apt flat to buy based on the descriptive statistics values.

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Inferential Statistics in the context of a professional sport -

Inferential statistics are the measure of variables generally done for the whole population. As it is impractical to collect the data for the whole population, so we select random samples fro mthe population and from the measure of the sample data, we try to estimate the population parameter.

Suppose we want to know the average height of the players participating in NBA basketball tournament. There are many teams and each team has many players. So, instead of measuring the height of each and every individual we can randomly select a sample of players and measure their heights.

These sample data can then be used to estimate the average height of all the participants of NBA.