MGMT 1050 Study Guide - Midterm Guide: Statistical Inference, Pie Chart, Level Of Measurement
Document Summary
Statistics: a way to get information from data and a way to get a new understanding from a set of numbers. Statisticians study the field of statistics to help practitioners. Descriptive statistics (describes collected data: summarizes data (facts, usually numerical ones for the purpose of information) Includes graphical techniques and numerical techniques: does not allow us to make any general conclusions, measure of central location: describes the middle of the data, measure of variability describes how scattered the data is. Inferential statistics (generalizes to all data: draws conclusions about characteristics of a population from sample data, use this cause of cost and infeasibility. Population: all the items of interest and is usually large or infinite and unsurvey-able. Parameter: the tool we use to describe a population. Sample: a subset of the population from which data is gathered. Statistical inference: the process of using inferential statistics to make predictions. Cross sectional data: data observed at one point.
