Outline of Chapter 1

# Outline of Chapter 1 - Outline of Chapter 1 BUSA 2182 R...

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Outline of Chapter 1 BUSA 2182, R 06:00-08:45 p.m.

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Chapter 1 Outline I. Introduction: Statistics is a tool used to understand information. II. Why Study Statistics? A. To be an educated consumer of this information, we need to be able to read the charts and graphs and understand the discussion of the numerical information. (data is everywhere) B. Statistical techniques are used to make decisions that affect our daily lives. C. The knowledge of statistical methods will help you understand how decisions are made and give you a better understanding of how they affect you. III. What is meant by Statistics? The science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making more effective decisions. (C O P A I) IV. Types of Statistics A. Descriptive Statistics - Methods of organizing, summarizing, and presenting data in an informative way. B. Inferential Statistics (Statistical Inference or Inductive Statistics) - Methods used to determine something about a population on the basis of a sample. 1. Population - Consist of individuals or objects. 2. Sample - A portion, or part, of the population of interest. V. Types of Variables
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Outline of Chapter 1 - Outline of Chapter 1 BUSA 2182 R...

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