WEEK 5 JOURNAL.docx - \u201cAnalysis can be defined as how the data is turned into information Information is the outcome when the data is analyzed

WEEK 5 JOURNAL.docx - u201cAnalysis can be defined as how...

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Analysis can be defined as how the data is turned into information. Information is the outcome when the data is analyzed correctly.” Statistical concepts are foundational to all descriptive, predictive, and prescriptive analytic applications” A sample is the data set used to make inferences about the entire population” There are two types of sampling risks, the risk of incorrect acceptance of the research hypothesis and t he risk for incorrect rejection A sample is a set of data that is collected from the population. Samples are collected and statistics are calculated from the samples so that one can make inferences or extrapolations from the sample to the population. A very basic example of this is a sample mean. The sample mean is used to generate a confidence interval for the population mean which gives us a good indication of how the mean for the whole population would look like at a particular confidence level Analysis and Statistics
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