RelativeResourceManager

# RelativeResourceManager - ECO201 Lecture1...

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ECO 201 Lecture 1 Fundamentals of Statistics

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Topics Some Important Definitions Descriptive Versus Inferential Statistics  Versus Computational Statistics Why Data Are Needed Types of Data and Their Sources Sampling Methods Types of Survey Errors
Population and Sample Population Sample Use parameters to  summarize features Use statistics to  summarize features Inference on the population from the sample

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Some Important Definitions __________  (Universe) Is the Whole Collection  of Things Under Consideration ______  is a Portion of the Population Selected  for Analysis _________  is a Summary Measure Computed to  Describe a Characteristic of the Population A   _______  is a Summary Measure Computed to  Describe a Characteristic of the Sample ________ :  A Characteristic of an observation  (item/individual) that will be analyzed
The Branches of Statistics Descriptive Statistics Collecting and describing data __________ Statistics Drawing conclusions and/or making decisions  concerning a population based only on sample  data 0

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Descriptive Statistics Collect Data E.g. Survey Present Data E.g. Tables and graphs Characterize Data E.g. Sample  ____   =  i X n
Inferential Statistics Estimation E.g. Estimate the population  mean weight using the  sample mean weight __________  Testing E.g. Test the claim that the  population mean weight is  120 pounds Drawing conclusions and/or making decisions concerning a population based on sample results.

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## This note was uploaded on 05/23/2011 for the course ECON 201 taught by Professor Dr.sharma during the Spring '08 term at Ohio State.

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RelativeResourceManager - ECO201 Lecture1...

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