L1-Terminology - Foundations of Business Statistics...

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Foundations of Business Statistics Materials from Professor Friedman Topic 1: Definition of Terms p. 1 So m e Ter m inology Population: Universe. The total category under consideration. It is the data which we have not completely examined but to which our conclusions refer. Sa m ple : That portion of the population that is available, or is to be made available, for analysis. Para m eter : A characteristic of a population. E.g., the population mean, µ. Statistic : A measure derived from the sample data. E.g., the sample mean, X ¯ . Statistical In f erence : The process of using sample statistics to draw conclusions about population parameters. For instance, using X ¯ (based on a sample of, say, n = 1000) to draw conclusions about µ (population of, say, 240 million). Descriptive Statistics : Those statistics that summarize a sample of numerical data in terms of averages and other measures for the purpose of description. This includes the presentation of data in the form of graphs, charts, and tables. Descriptive statistics are not
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