as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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describe the differences between descriptive and inferential statistics
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descriptive statistics are used to summarize data and describe the characteristics of a data set. this includes computations like mean, median, and mode. inferential statistics, on the other hand, are used to make predictions and draw conclusions from the data. this includes methods such as hypothesis testing and regression analysis.
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