Chapter 1
Statistics, Data and Stat Thinking
1.1
The Science of Statistics
Definition 1.1 Statistics:
Statistics is a science, which deals with the collection of data,
analysis of data, and making inferences about the population using the information contained
in the sample.
1.2
Types of Statistical Applications in Business
Definition 1.2 Descriptive Statistics:
Descriptive statistics consists of procedures used
to summarize the information in a set of measurements and to describe the characteristics
of the set. See study 1 on page 4 that describes the descriptive statistics.
Definition 1.3 Inferential Statistics:
Inferential statistics consists of procedures used
to make inferences about the population characteristics from information contained in the
sample. See study 2 on page 4 that describes the inferential statistics.
1.3
Fundamental Elements of Statistics
Statistical methods are particularly useful for studying, analyzing, and learning about pop
ulations of experimental units.
Definition 1.4 An Experimental Unit:
An experimental unit is an object (person, thing,
etc) upon which we collect data.
Definition 1.5 Population:
A finite or infinite collection of measurements or individuals
that comprises the totality of all possible measurements within the context of a particular
statistical study.
Definition 1.6 Variable:
A variable is a characteristic or property of an individual popu
lation unit. For examples, income, age, weight of a group of people.
1
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Definition 1.7 Sample:
A sample is a subset of measurements selected from the population
of interest.
Definition 1.8 Statistical Inference:
A statistical inference is an estimate, prediction, or
some other generalization about a population based on information contained in the sample.
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 Fall '08
 McGuckian
 Statistics

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