There are two main divisions: descriptive and inferential statistics. Traditional methods in statistics were used to analyze data for decision-making purposes. Descriptive statistics, on the other hand, describe the nature of a dataset and illustrate its important aspects. The most common ways to achieve this is through mean, median and mode and standard deviation. For example, descriptive statistics can help one to interpret average scores and the spread of these scores in terms of their variability within a class. Inferential statistics allows us to draw conclusions about populations based on samples that were taken from them. It includes hypothesis testing, regression analysis, and confidence intervals among others. For instance, political pollsters use inferential statistics when they make predictions about who will win an election based on surveys done among potential voters. Both forms of stats play indispensable roles in different disciplines by providing necessary techniques for analyzing information as well as decision making. Also traditional statistical methods have served as a foundation for empirical research and applications in science, business enterprise, social sciences because it summarizes data effectively and makes reliable forecasts. More about basics of stats may be found at Investopedia site.
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