Exam 1 Notes (Chaps 1 and 2)

Exam 1 Notes (Chaps 1 and 2) - STATISTICS the science of...

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Unformatted text preview: STATISTICS the science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making more effective decisions. 2 TYPES OF STATS 1. Descriptive stats methods of organizing, summarizing and presenting data in an informative way. 2. Inferential stats (also called statistical inference) the methods used to estimate a property of a population on the basis of a sample. Population vs. Sample Population entire set of the measurements obtained from all individuals or objects of interest. (N = population size) Sample a part of the population at interest. (n = sample size) Variable some measure that can change (ex: gas prices, age, weekly sales, etc.) * Every variable has a distribution (frequency distribution a grouping of data into mutually exclusive classes showing the number of observations in each class) Types of Variables- Qualitative (values are not numbers)...
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Exam 1 Notes (Chaps 1 and 2) - STATISTICS the science of...

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