Descriptive statistics
Chicago Management Training Institute
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Descriptive statistics provide tools to summarize and understand data effectively. They include measures of central tendency (mean, median, mode) to identify the center of the data and measures of dispersion (variance, standard deviation) to assess data spread. A normal distribution, often seen in real-world data, forms a bell-shaped curve where most values cluster around the mean. Relationships between variables are analyzed using the correlation coefficient (rrr), while the chi-square test compares observed versus expected data. Lastly, the ppp-value is crucial in hypothesis testing to determine the significance of results.