Midterm1_310 - Parameter: descriptive measure of a...

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What is Statistics? The science of collecting, summarizing, analyzing, and interpreting data. • It extracts from data useful information about some characteristic of a particular group or about some aspect of a particular object that is not readily known or completely uncertain. • In the presence of variation or uncertainty, we need to gather information and draw conclusions Business Statistics A body of principles and methods for extracting useful information from data, for assessing the reliability of that information, for measuring and managing risk, and for making decisions in the f ace of uncertainty Descriptive Statistics Methods of organizing, summarizing, and presenting numerical data in a convenient and effective form. Commonly used in everyday life. Inferential Statistics Methods for making an estimate, forecast, or decision about a population based on sample information. Population: a set of all existing units or all that could potentially occur that we wish to study.
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Unformatted text preview: Parameter: descriptive measure of a population. N represents population size (finite or infinite) Scales of Measurement Ratio variable Quantitative scale (almost all) Ratios meaningful, inherently defined zero (e.g., salary, weight, distance) Interval variable Quantitative scale (very few) Ratios not meaningful, no inherently defined zero (e.g., temperature ) Ordinal variable Qualitative (Categorical) scale Meaningful ordering or ranking of categories (e.g., class) Nominative variable Qualitative (Categorical) scale No meaningful ordering or ranking of categories (e.g., gender, color) Categorical variables: Pie Charts and Bar Graphs Quantitative Variable: Histogram To make a histogram: Divide the range of the data set into equal intervals For each interval draw a bar with the base covering the interval and the height proportional to the count of observations that fall into the interval....
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Midterm1_310 - Parameter: descriptive measure of a...

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