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# lecunit1_all - Lecture Unit 1 Stats Starts Here Objectives...

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Lecture Unit 1 Stats Starts Here Objectives: be able to - Distinguish between a population and a sample Identify the 5 elements of a statistical inference Identify different types of data

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Statistics: An Overview Everyday experiences: Gallup polls, newspaper articles, lotteries, CPI, unemployment data, your admittance to NCSU (predicted GPA) Basic stock data Used in many disciplines
Broad Definition Many disciplines can be summarized in a few words: Economics is about … Money (and why it is good) Psychology: Why we think what we think Biology: Life Anthropology: Who? History: What, where, and when? Philosophy: Why? Engineering: How? Accounting: How much? Statistics is about … Variation The discipline of statistics deals with the efficient collection and the analysis of data to solve real-world problems in the presence of variability.

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2 Broad Areas of Applications Descriptive statistics utilizes numerical and graphical methods to summarize data, look for patterns and trends, present information Descriptive statistics lack a measure of reliability
Second Area Inferential statistics Uses data to make estimates, decisions, predictions or other generalizations about a larger data set or population Inferential statistics have a measure of reliability e. g.: an election report says a poll is accurate to within 3 percentage points

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lecunit1_all - Lecture Unit 1 Stats Starts Here Objectives...

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