The Impact Of Descriptive And Inferential Statistics

1066 Words5 Pages
Summary Currently, our world is very connected and we seem to become more and more dependent on the transportation we use to get us to and from the places we need to go. With this increased dependency, fuel economy should be going up rapidly to keep the dangerous greenhouse gas emissions at steady levels instead of letting it exponentially increase. Reducing fuel consumption is something that automakers are currently working on to help out the environment. Automakers are looking into the past to understand what made fuel economy so great, and are combining those ideas with descriptive and inferential statistics to generate new ideas to help with modern eco-friendly passenger vehicles. Currently, automakers are using descriptive statistics from…show more content…
We generally see this method used for financial and marketing purpose. When conducting surveys, we normally wouldn’t use descriptive statistics because it generally needs a huge population because it doesn’t infer any trends, it describes trends. Where as in inferential statistics we can use a sample population and assume that the sample is representative of the population to infer trends of the population to help with the sheer cost of understanding a population. Inferential statistics are generally used for understanding overall trends in a population neglecting all sublime factors, which is typically best for customer satisfaction and product…show more content…
One way these businesses seek to do this, is the collection of quantitative data and various sampling methods as a way to help find intuitive ways to solve the problems they have, or to make what they better. There are several ways to collect meaningful data, using both descriptive and inferential statistical methods. For example, in a business setting descriptive statistics can show an increasing trend in profits, however if you look at the inferential statistics of customer satisfaction surveys we may see a decline. This would lead you to say, profits are going to decrease unless a solution is made

More about The Impact Of Descriptive And Inferential Statistics

Open Document