Descriptive statistics are a simple yet powerful method to describe the key statistical characteristics of the data. This method is based on the use of summary statistics tables and is a summary of the key statistical indicators, such as the mean, median, quantile, and standard deviation, and data visualization tools, such as box plots and bar charts. Descriptive statistics can be used to describe the characteristics of the frequency units of a series. This allows us to identify whether we can segment each period of the series by some statistical criteria, for example, the mean, the quantile range, and so on.
The applications of the descriptive statistics methods are different from the ones of the statistical inference methods. While the first provides descriptions and insights on the data, the second offers conclusive insights about...
