STAT 2500 Lecture Notes - Lecture 1: Critical Thinking, Statistical Unit, Statistical Inference

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Contents: the science of stats, types of statistical applications in business, fundamental elements of statistics, processes, types of data, collecting data: sampling and related issues, critical thinking with stats. Introduce the language of stats and the key elements of any statistical problem. Identify the different types of data and data-collection methods. Discover how critical thinking through statistics can help improve our quantitative literacy. 1. 1 the science of statistics: collecting data. E. g. charts and tables: characterizing data. Involves collecting, classifying, summarizing, organizing, analyzing, and interpreting numerical information. Drawing conclusions (making estimates, decisions, predictions, etc. about sets of data based on sampling) Utilizes numerical and graphical methods to explore data, i. e. , to look for patterns in a data set, to summarize the information revealed in a data set, to present the information in a convenient form. Utilizes sample data to make estimates, decisions, predictions, or other generalizations about a larger set of data. Object upon which we collect data: population.

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