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Chapter oneStatistics: A way to get information from data. It is the science of collecting, organizing, summarizing, and interpreting data for the purpose of making decisions. Data - Statistics - Information Statistic is a tool for creating new understanding from a set of numbers. Descriptive Statistics: Deals with methods of organizing, summarizing, and presenting data in a convenient and informative way. On form uses graphical techniques, which allow statistics practitioners to present data in ways that make it easy for the reader to extract useful information. Another form uses numerical techniques to summarize data. The mean and median are popular numerical techniques to describe location of the data. The range, variance, and standard deviation measure the variability of the data. Inferential Statistics: Is a body of methods used to draw conclusions or inferences about characteristics of populations based on sample data. Population: the group of all items of interest. Frequently very large: sometimes infinites ex. All 5 million Florida voters Sample: A set of data drawn from the population. Potentially very large but less than the population.
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Statistics, Notes, Nominal Data, Data and Information, Business Stats I