There are innumerable number of statistical methods which can be broadly classified into five types as thus:
(i) Descriptive methods
(ii) Analytical methods
(iii) Inductive methods
(iv) Inferential methods
(v) Applied methods.
A brief analysis of each of the above methods is made as under :
This type of method consists of all the preliminary steps to final analysis and interpretation. As such this method includes the method of collection, methods of tabulation, measures of central tendency, measures of dispersion, measures of skewness, and analysis of time series. These methods bring out the various characteristics of data and help in summerising and interpreting the salient features of the data. This method is also otherwise called descriptive statistics.
This type of method consists of all those methods which help in the matter of analysis and comparison between any two or more variables. This includes the methods of correlation, regression analysis, association of attributes and the like. This method is also otherwise called analytical statistics.
This type of method consists of all those procedures that help in the generalization or estimation over a phenomenon on the basis of random observation or partial data. This includes the procedure of interpolation, extrapolation, theory of probability and the like. This methods is also otherwise called inductive statistics.
This type of method consists of those procedures which help which in drawing inferences about the characteristics of the population on the basis of samples. As such, this method includes the theory of sampling, different tests of significance, statistical control etc. This method is also otherwise called inferential statistics.
This type of method consists of those procedures which are applied to the problems of real life. This includes the method of statistical quality control, sample survey, linear programming, inventory control and the like.