Descriptive Statistics
Descriptive statistics are a set of techniques used to summarize and describe the key features of a dataset. They provide simple, clear summaries of the characteristics of the data, such as its central tendency, variability, distribution, and shape. Descriptive statistics commonly include mean, median, mode, standard deviation, range, and percentiles. In business intelligence, descriptive statistics serve as a tool for understanding and interpreting data. They provide a concise snapshot of the data, allowing stakeholders to quickly grasp essential aspects of the information. Benefits include data summarization, performance measurement, and benchmarking. What types of descriptive statistics do you use? How do they add insight to your decision-making?
Source: Mikko Rönkkö, https://www.youtube.com/watch?v=8RHbRMRAaFQ
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