In our today's topic, we will discuss the economic ideologies that emerged in the last centuries, i.e. capitalism and communism. Adam Smith, the renowned Scottish Economist, wrote a book, The Wealth of Nations in which he sparked the idea of Capitalism. On the other hand, Karl Marx, a famous Philosopher, and Sociologist, from Germany, initiated the idea of Communism, in his book The Communist Manifesto, as a response to Capitalism. These two political theories are in opposition to each other … [Read more...]

The term 'work' is the most commonly used word in our day to day life, which refers to the activities, i.e. physical or mental performed by us, so as to achieve the desired outcome. It includes everything that we do to get the intended result like studying, dancing, cooking, singing, playing, etc. On the contrary, the word 'job' is used by us to represent a particular position in the company, for instance, I have a job of sales manager (designation). It is a regular and constant activity … [Read more...]

Covariance and Correlation are two mathematical concepts which are quite commonly used in business statistics. Both of these two determine the relationship and measures the dependency between two random variables. Despite, some similarities between these two mathematical terms, they are different from each other. Correlation is when the change in one item may result in the change in another item. Correlation is considered as the best tool for for measuring and expressing the quantitative … [Read more...]

The terms responsibility and accountability are often used interchangeably by the people, due to some similarities like the flow of both of these two, is from bottom to top. Although, they are different in the sense that, in the case of responsibility, a person does what he/she is asked to do. On the other hand, in accountability, a person agrees to do, what he/she is supposed to do. The basic difference between responsibility and accountability is that the former is assumed whereas the … [Read more...]

In statistics, you have come across the terms, observation and inference, several times. Observation means an act of monitoring, something, i.e. objects, units, persons or anything else, by using senses. In this process, the observer stays at the place of the survey and observes the objects under consideration and notes down the observations himself. Conversely, Inference refers to the conclusion drawn based on the facts and evidence available, i.e. deductions are made as per the research … [Read more...]

Primary data is described as a data originally collected, in essence, the data gathered is afresh and for the first time. Surveys and Experiments are two important statistical techniques used in research and data collection. When the research type is experimental, experiments are considered as a major source of primary data. On the other end, surveys are performed when the research is descriptive in nature. While surveys collected data, provided by the informants, experiments test various … [Read more...]

People quite commonly use questionnaire and schedule interchangeably, due to much resemblance in their nature; however, there are many differences between these two. While a questionnaire is filled by the informants themselves, enumerators fill schedule on behalf of the respondent. The research process is incomplete without collection of data, which starts after identification of research problem and chalking out research design. The researcher should keep in mind that there are two types of … [Read more...]

In statistics, the most often used word is 'variable' which refers to a characteristic that contains the value, which may vary from one entity to another. It is similar to the variables used in other disciplines like science and mathematics. The two most common types of variable are dependent variable and independent variable. A variable is said to be independent, whose change influence another variable, while if the variable is dependent, it will change in response to the change in some other … [Read more...]

Generation of the hypothesis is the beginning of a scientific process. It refers to a supposition, based on reasoning and evidence. The researcher examines it through observations and experiments, which then provides facts and forecast possible outcomes. The hypothesis can be inductive or deductive, simple or complex, null or alternative. While the null hypothesis is the hypothesis, which is to be actually tested, whereas alternative hypothesis gives an alternative to the null … [Read more...]

In statistics vocabulary, we often deal with the terms parameter and statistic, which play a vital role in the determination of the sample size. Parameter implies a summary description of the characteristics of the target population. On the other extreme, the statistic is a summary value of a small group of population i.e. sample. The parameter is drawn from the measurements of units in the population. As against this, the statistic is drawn from the measurement of the elements of the … [Read more...]