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Chapter1 - Chapter 1 Statistics Data and Stat Thinking 1.1...

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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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