pp.1-11 fall 2009

pp.1-11 fall 2009 - MGSC 291 Statistics for Business and...

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MGSC 291 Statistics for Business and Economics Dr. Whitcomb Fall 2009
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What do we mean by “statistics” ? People often refer to “statistics” as summary values or as numerical facts. For example, the average cost for a gallon of unleaded gas, the percentage increase in tuition, or the unemployment rate. In this class, we will think about statistics in a broader sense. Statistics—the science of collecting, organizing, presenting, analyzing, and interpreting data to assist in decision making. Introductory statistics courses have two main components— descriptive statistics and inferential statistics . Descriptive statistics —Methods for organizing, summarizing, and presenting data in an informative way. Descriptive statistics use: ● graphical and tabular displays of data and ● summary statistics. Inferential statistics—methods used to determine something about a population on the basis of a sample. 2
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parameters, and statistics. Population —the entire set of objects or individuals of interest. Examples of populations All freshman students starting school full-time at USC this fall Every player on the USC football team Everyone who turns in a clunker in the “cash for clunkers” program in August 2009 All hybrid vehicles registered in the state of South Carolina Recall that inferential statistics uses samples taken from the population to draw some conclusion about the entire population. Samples should be drawn from the population “randomly”. Random samples are representative of the population from which they are drawn. However, not every sample is random. A general definition for sample (not just a random sample) follows: Sample—a portion, or part, of the population of interest. Example of a random sample: 100 freshmen beginning school this fall at USC randomly selected from among all USC freshmen starting this fall. 3
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pp.1-11 fall 2009 - MGSC 291 Statistics for Business and...

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