Introduction

# Introduction - MGMT 305 Business Statistics Introduction...

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Introduction What is Statistics? In everyday usage, statistics refers to numerical facts. In a broad sense, statistics is the art and science of collecting, analyzing, presenting, and interpreting data. Population vs. Sample: Population: The set of all elements of interest in a particular study. Sample: A subset of the population. Example 1: Purdue Students We might be interested in finding out the relationship between SAT scores, high school GPAs and current GPAs of all Purdue students ( population or sample? ), but given the difficulty of dealing with approximate 36,000 bits and pieces of info. We can choose 200 Purdue students randomly and compare their info ( population or sample? ): Descriptive statistics: Descriptive statistics are the tabular, graphical, and numerical methods used to summarize data. Three Numerical Descriptive Statistics: Mean, Variance, Standard deviation Mean: The average of all data. Let x

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Introduction - MGMT 305 Business Statistics Introduction...

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