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stats - Chapter 1 Statistics is the science comprising...

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Chapter 1 Statistics is the science comprising rules and procedures for collecting, describing, analyzing, and interpreting numerical data. Descriptive Statistics: Methods of organizing, summarizing, and presenting data. Probability theory: Study of the sample behavior given a known population. Statistical inferences: Procedures of making inferences about a population’s characteristics based upon a sample information. Statistical techniques: Methods that are used to solve a wide range of statistical problems. Quantitative Data: are data that are measured on a scale. a. Continuous data: can assume any value over an interval. b. Discrete data: can assume countable number of values over an interval. Qualitative Data: are observations that can be classified into a single category or a set of categories. Variable: a characteristic that assumes different values for different entities or objects. a. Continuous variable: GPA, family income, housing price, stock’s PE ration b.
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