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cheetsheet - Statistics-A body of principles and methods...

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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 face of uncertainty. -Helps you make better management decisions, instead of drowning in a flood of numbers. -Gives a competitive advantage -Not enough to rely on intuition, experience and hunches. -Methods are used routinely throughout corporate world. Descriptive Statistics VS. Inferential Statistics Descriptive - Methods of organizing, summarizing & presenting numerical data in a convenient form. (Body of techniques to summarize and present the essential information in a data set) Inferential Statistics - (don’t have time and resources to do a big pop.’s) Process of making an estimate, forecast, or decision about a population, based on sample information. Population, Parameter, Sample, Statistic & Point estimate Population: Set of all items of interest in a statistical problem; size of a population can be
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cheetsheet - Statistics-A body of principles and methods...

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