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Unformatted text preview: MGSC 291 Statistics for Business and Economics Section 004 Dr. Whitcomb Fall 2010 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, the unemployment rate in South Carolina, or the proportion of the adult population who have completed a four year college degree. In this class, we will think about statistics in a broader sense. Statisticsthe science of collecting, organizing, presenting, analyzing, and interpreting data to assist in decision making. Introductory statistics courses have two main componentsdescriptive statistics and inferential statistics. 2 Descriptive statisticsMethods for organizing, summarizing, and presenting data in an informative way. Descriptive statistics use: graphical and tabular displays of data and summary statistics. Inferential statisticsmethods used to determine something about a population on the basis of a sample. Some basic (but very important) terms that you should know: populations, samples, parameters and statistics. 3 Populationthe entire set of objects or individuals of interest. Examples of populations All freshman students starting school fulltime at USC this fall Every Toyota Camry manufactured in 2008 Everyone in South Carolina who is employed by the state of South Carolina All Gamecock season football tickets sold in 2010 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 necessarily a random sample) follows: Samplea portion, or part, of the population of interest....
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 Fall '09
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