Descriptive Statistics and Its Applications

Abstract

This review paper examines the topic of descriptive statistics, which is a study of statistics, deriving from basic mathematics. The paper discusses common descriptive statistics using a combination of numerical examples and graphical demonstrations. The paper introduces the definitions of some basic descriptive statistics and their corresponding formulas. The paper then reviews several research articles published in recent years in which researchers have used descriptive statistics to help analyze housing prices and the relationship between the stock market and trust. This review paper consults tables from other research articles with descriptive statistics and uses specific data to demonstrate how these statistics help researchers draw meaningful conclusions about the subjects of the analysis. The final conclusion is that although descriptive statistics is a simple method of summarizing data, it is fundamental and meaningful in statistical analysis and that can be used as a building block on which further analysis can be based.