The arithmetic mean, commonly known as the average, is calculated by summing individual quantities and dividing by their total number. This measure is frequently used in various fields, although it can be misleading in the presence of outliers.
Descriptive statistics is used to summarize or describe the main features of a collection of data in a quantitatively meaningful way. It does not infer any elements beyond the provided data sample.
Inferential statistics is the process of drawing information from sampled observations of a population and making conclusions about the population.
The median is a statistical measure that represents the middle value in a data set, effectively dividing the dataset into two equal halves. It is particularly useful in representing a data set without the distortion that large deviations can cause with the average (mean).
A parameter is a measure used to describe a population, such as the number of rental units in a given city. Parameters are known for certain, whereas estimates are derived from samples.
A statistical ranking designation where the pth percentile of a list is the number such that p percent of the elements in the list are less than that number.
Quartiles are statistical measures dividing a data set into four equal parts. Each quartile represents a rank order segment in the distribution of the data. The first quartile (Q1) represents the 25th percentile, the second quartile (Q2) or the median represents the 50th percentile, the third quartile (Q3) represents the 75th percentile, and the fourth quartile (Q4) represents the upper range of data.
Statistics is the study of ways to analyze data. It consists of Descriptive Statistics and Statistical Inference.
