MGMT 1050 Chapter Notes - Chapter 5: Statistic, Statistical Inference, Statistical Parameter

• School: York University
• Department: Management
• Course: MGMT 1050
• Professor: Hila Cohen

Document Summary

The problem that motivates the subject of statistics inference is that we often need information about the value of parameters in order to make decisions. Rather than investigating the entire population, we select a sample of people. Although the probability sample mean will equal the population mean is very small, we would expect them to be close. Data are the observed values of a variable; that is, we define a variable or variables that are of interest to us then proceed to collect observations of those variables. They sample a group of people and asks whether they have taken aspirin regularly over the past 2 years and each person would be asked if they have suffered any heart attacks in the past 2 years. Drawback is that it is difficult to produce useful information using this method. Advantage is that it is relatively inexpensive. More expensive but better way to produce data. Data produced in this manner are called experimental.