Dispersion indicates the extent to which observations deviate from an appropriate measure of central tendency. Measures of dispersion fall into two categories i.e. an absolute measure of dispersion and relative measure of dispersion. Variance and standard deviation are two types of an absolute measure of variability; that describes how the observations are spread out around the mean. Variance is nothing but the average of the squares of the deviations, Unlike, standard deviation is the square … [Read more...]
Difference Between Permutation and Combination
In mathematics, you might have heard the notions of permutation and combination end number of times, but have you ever imagined that these two are different concepts? The fundamental difference between permutation and combination is the order of objects, in permutation the order of objects is very important, i.e. the arrangement must be in the stipulated order of the number of objects, taken only some or all at a time. As against this, in the case of a combination, the order does not matter … [Read more...]
Difference Between Sampling and Non-Sampling Error
Sampling error is one which occurs due to unrepresentativeness of the sample selected for observation. Conversely, non-sampling error is an error arise from human error, such as error in problem identification, method or procedure used, etc. An ideal research design seeks to control various types of error, but there are some potential sources which may affect it. In sampling theory, total error can be defined as the variation between the mean value of population parameter and the observed … [Read more...]
Difference Between Demand-Pull and Cost-Push Inflation
Inflation refers to the rate at which the overall prices of goods and services rises resulting in the decrease in the purchasing power of the common man, which can be measured through Consumer Price Index. Modern analysis of inflation revealed that it is mainly caused either by demand side or supply side or both the factors. Demand side factors result in demand-pull inflation while supply side factors lead to cost-push inflation. The demand-pull inflation is when the aggregate demand is more … [Read more...]
Difference Between Investment and Speculation
In financial jargon, the terms investment and speculation are overlapping and used synonymously. In investment, the time horizon is relatively longer, generally spanning at least one year while in speculation, the term may extend up to a half year only. As per Benjamin Graham, an American economist, and professional investor, investment is an activity, which upon complete analysis assures the safety of the amount invested and adequate return. Conversely, speculation is an activity which does … [Read more...]
Difference Between Primary and Secondary Data
Data collection plays a very crucial role in the statistical analysis. In research, there are different methods used to gather information, all of which fall into two categories, i.e. primary data, and secondary data. As the name suggests, primary data is one which is collected for the first time by the researcher while secondary data is the data already collected or produced by others. There are many differences between primary and secondary data, which are discussed in this article. But the … [Read more...]
Difference Between IQ and EQ
Before elucidating the difference between IQ and EQ, let us first understand, what these terms actually mean. EQ or say Emotional Quotient refers to a person's ability to understand his/her emotion along with the other person's emotions, whereas IQ stands for Intelligence Quotient indicates a person's intelligence level. Many people hold that IQ is more important for a person to achieve success in life while researchers hold that people with high EQ are more successful in their careers. So, … [Read more...]
Difference Between Qualitative and Quantitative Research
Research is the most widely used tool to increase and brush-up the stock of knowledge about something and someone. In the field of marketing, business, sociology, psychology, science & technology, economics, etc. there are two standard ways of conducting research, i.e. qualitative research or quantitative research. While the qualitative research relies on verbal narrative like spoken or written data, the quantitative research uses logical or statistical observations to draw … [Read more...]
Difference Between Stratified and Cluster Sampling
In our earlier article, we've discussed probability and non-probability sampling, in which we came across types of probability sampling, i.e. Stratified Sampling and Cluster Sampling. In stratified sampling technique, the sample is created out of the random selection of elements from all the strata while in the cluster sampling, all the units of the randomly selected clusters form a sample. In stratified sampling, a two-step process is followed to divide the population into subgroups or … [Read more...]
Difference Between Probability and Non-Probability Sampling
Sampling means selecting a particular group or sample to represent the entire population. Sampling methods are majorly divided into two categories probability sampling and non-probability sampling. In the first case, each member has a fixed, known opportunity to belong to the sample, whereas in the second case, there is no specific probability of an individual to be a part of the sample. For a layman, these two concepts are same, but in reality, they are different in the sense that in … [Read more...]
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