Descriptive statistics are a type of statistical analysis used to summarise and interpret data. They are used to describe the characteristics of a population or sample of data, such as the mean, median, mode, range, and standard deviation. They help us to make sense of our data and gain a better understanding of what it is telling us.
Descriptive statistics are a great tool for data analysis and can be used to answer questions such as:
• What is the average age of our customer base?
• What is the most common type of product purchased?
• What is the range of income levels among our customers?
These answers can help us to better understand our customer base and make informed decisions about our business. For example, if we find that our customer base is mostly male, we could target our marketing efforts towards males. Or, if we find that our customers have a wide range of income levels, we could tailor our pricing strategy to cater for different budgets.
Descriptive statistics are an invaluable tool for businesses of all sizes, and can help us to gain a better understanding of our customers and make data-driven decisions.
StatLog 
Leave a comment