MTH 410 Midterm: BUSINESS STATISTICS STUDY SHEET
23 Feb 2016
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The set of individual values associated with a variable. Universally accepted meanings that are clear to all associated with an analysis. All the items or individuals about which you want to draw a conclusion. The portion of a population selected for analysis. A numerical measure that describes a characteristic of a population. A numerical measure that describes a characteristic of a sample. Descriptive statistics provide a concise summary of data. Inferential statistics use a random sample of data taken from a population to describe and make inferences about the population. Inferential statistics are valuable when it is not convenient or possible to examine each member of an entire population. Categorical variables are also called qualitative variables or attribute variables. The values of a categorical variable can be put into a countable number of categories or different groups. Categorical data may or may not have some logical order. The values of a quantitative variable can be ordered and measured.
