Central tendency implies the tendency of the data points to cluster around its central or middle-most value. The two most commonly used measures of central tendency are mean and median. Mean is defined as the 'central' value of the given set of data whereas median is the 'middle-most' value in the given set of data. An ideal measure of central tendency is one which is clearly defined, easily understood, simply calculable. It should be based on all observations and least affected by extreme … [Read more...]
Difference Between Statistic and Parameter
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...]
Difference Between Sample Mean and Population Mean
In statistic, the arithmetic mean is one of the ideal measures of central tendency. For a given set of observations, the arithmetic mean can be calculated by adding all the observations and dividing the value obtained by the number of observations. There are two types of mean, i.e. sample mean and population mean, which is often used in statistics and probability. The sample mean is mainly used to estimate the population mean when population mean is not known as they have the same expected … [Read more...]
Difference Between Variance and Standard Deviation
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...]
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