Midterm1_310

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. Ø N represents population size (finite or infinite) Scales of Measurement Ratio variable Ø Quantitative scale (almost all) Ø Ratios meaningful, inherently defined zero (e.g., salary, weight, distance) Interval variable Ø Quantitative scale (very few) Ø Ratios not meaningful, no inherently defined zero (e.g., temperature ) Ordinal variable Ø Qualitative (Categorical) scale Ø Meaningful ordering or ranking of categories (e.g., class) Nominative variable Ø Qualitative (Categorical) scale Ø 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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