T-test refers to a univariate hypothesis test based on t-statistic, wherein the mean is known, and population variance is approximated from the sample. On the other hand, Z-test is also a univariate test that is based on standard normal distribution. In simple terms, a hypothesis refers to a supposition which is to be accepted or rejected. There are two hypothesis testing procedures, i.e. parametric test and non-parametric test, wherein the parametric test is based on the fact that the … [Read more...]
Difference Between Life Insurance and Health Insurance
Insurance implies a contractual arrangement between two parties, i.e. insurance company (insurer) and insured, by which the insurer, in return for a fixed sum (premium) commits to compensate the insured for the loss sustained or damage caused on the occurrence of a certain event. The document which covers all the details of the contract is called as an insurance policy. Life insurance is a contract that protects against the risk of life. Gradually, the scope of life insurance has widened and … [Read more...]
Difference Between Audit and Review
Recently, the framework of standards on auditing and guidance notes on related services are issued, wherein a difference between audit and related services is clarified. Related services include reviews, agreed upon procedures, compilation. The review is often contrasted with audit, but they are different in the sense that an audit is a thorough examination of the financial information of an organization, to give his/her opinion on the same. On the other hand, the review can be understood as … [Read more...]
Difference Between M.Phil. and Ph.D.
Many students wish to continue their education, even after completing their post graduate degree course. So, they have two options, i.e. M.Phil. And PhD. As both are research-oriented courses, the students find it difficult to choose one of them. However, PhD or Doctor of Philosophy is the highest ranking degree provided to the scholars by the university for their research work in the respective subject opted by them. On the other hand, M.Phil., i.e. Master of Philosophy, is only a … [Read more...]
Difference Between Mirror and Lens
Do you guys know that the object reflects the light, whenever it falls on the object, and once the reflected light reaches our eyes, we see it. There are a lot of facts related to light, but two most common ones are an image formed by mirrors and bending of light through lenses. In simple terms, mirror means a smooth and highly polished glass surface, through which images are formed by reflection, as the light falls on it. On the other extreme, a lens is a part of the transparent refracting … [Read more...]
Difference Between Wildlife Sanctuary and National Park
Wildlife constitutes the primary natural heritage, all around the world. Continuous industrialization and deforestation, has posed a threat of extinction to the wildlife. So, to conserve and preserve the natural heritage of the country wildlife sanctuaries, national park, biosphere reserves, etc. are earmarked. Wildlife sanctuaries refer to an area which provides protection and favourable living conditions to the wild animals. On the other hand, the national park provides protection to the … [Read more...]
Difference Between Odds and Probability
You might have noticed that we make statements like the trains may be late, it may take an hour, to reach home and so forth. This type of statements indicates the probability of an event, as its occurrence is not certain. It implies the extent to which an event is possible to happen. Probability is divided into two types, objective and subjective probability. Subjective probability is based on attitude, belief, knowledge, judgment and experience of the person. In mathematics, we study … [Read more...]
Difference Between Double Insurance and Reinsurance
The term insurance can be described as an arrangement through which the risk of loss can be shifted from one party (insured) to another (insurer), by paying a specified sum, at definite intervals, i.e. premium. Double insurance is a form of insurance, wherein the individual/company insures a particular property with more than one insurer or with multiple policies from the same insurer. Double insurance is not exactly same as reinsurance, as it is a transfer of risk on a policy by the … [Read more...]
Difference Between VAT and GST
One of the major reforms in the Indian Taxation System is the introduction of GST, i.e. Goods and Services Tax. It aims at removing the cascading effect, i.e. double taxation. GST is a tax on value addition, imposed on the production, distribution and consumption of goods and services. It is commonly contrasted with Value Added Tax, shortly known as VAT, which is an indirect tax levied at each stage of manufacture and distribution of goods on the incremental value. The primary difference … [Read more...]
Difference Between Publicity and Public Relations
Public Relations (PR) means professionally handling a positive public image by the company. It is an important element of promotion mix, that helps in maintaining good relations with the public. On the contrary, Publicity is infotainment, i.e. which tends to inform and entertain the general public at the same time. It provides some interesting, juicy, controversial news to the general public, that has the capability of changing their opinion or outlook, about the product or company. While … [Read more...]
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