Chapter_1___definitions - Chapter 1 Content of course:...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 1 Content of course : descriptive statistics (1,2,3); probability (4,5,6,7); inferential (8,9, etc.) Definition : Statistics is the “art and science of collecting, organizing, analyzing, presenting, and interpreting data”. Example : You are a wood manufacturing company and you wish to consider purchasing 100 acres of woods. You believe that revenue=f(amount of wood)= f(# of trees x average diameter). The “population” will be defined as “disease-free, hardwood, > 6” in diameter. Your sample is 5 acres. Data consists of observations of random variables derived from elements. Note that an element could be such things as 1) publicly traded companies, 2) students in a survey, 3) trees, 4) cities > 100,000 population. Random variables are measurements of some characteristic of interest whose values can change for each observation. Variables with fixed values for every observation are constants. Parameters
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 06/19/2011 for the course STAT 260 taught by Professor - during the Fall '10 term at Sam Houston State University.

Ask a homework question - tutors are online