Facts and opinions are often uttered in the same breath; the terms have a huge difference in their meanings. Whether a statement is a fact or an opinion depends on the validity of the statement. While a fact refers to the something true or real, which is backed by evidence, documentation, etc. On the other hand, opinion is what a person believes or thinks about something. In finer terms, a fact is a proven truth, whereas opinion is a personal view, that represents the outlook of an … [Read more...]

Today, in this article we are going to explore one of the most controversial topics, the world is facing these days, i.e. Equity or Equality, in the areas of education, health, sports, opportunities and so on. However, there are still millions of people who have a common misconception that equity is same as equality, but the truth is that they are different. Equity refers to the just and fair provision of resources to all the individuals, which represents impartiality. Conversely, Equality … [Read more...]

Someone rightly said, "Hearing is through ears, but listening is through the mind." The two activities hearing and listening involve the use of ears, but they are different. The hearing is nothing but a sense that helps you receive sound waves and noise by ears. It is the power of perceiving sounds. On the contrary, listening is when you receive the sound waves and understand it by paying full attention to the words and sentences of the speaker. It is one's ability to correctly receive and … [Read more...]

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...]