Descriptive statistics models

The 3 main types of descriptive statistics concern the frequency distribution, central tendency, and variability of a dataset.
Distribution refers to the frequencies of different responses.
Measures of central tendency give you the average for each response.
Measures of variability show you the spread or dispersion of your dataset.

A descriptive statistic (in the count noun sense) is a summary statistic that quantitatively describes or summarizes features from a collection of information, while descriptive statistics (in the mass noun sense) is the process of using and analysing those statistics.

In the business world, descriptive statistics provides a useful summary of many types of data.
For example, investors and brokers may use a historical account of return behaviour by performing empirical and analytical analyses on their investments in order to make better investing decisions in the future.