ISDS 2000 Chapter : Stats And Data
15 Mar 2019
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Document Summary
What is statistics: collecting data, analyzing, and interpreting them clearly. How to statistic incorrectly: drawing data from one point on a graph, gambler fallacy: probability of rolling a 7 stays constant with each roll of the dice. The first game has nothing to do with the 3rd or 4th. Irrelevant info is irrelevant: take into account stores that closed (starbucks example in book, correlation-to-causation fallacy. Even if tow variable are highly correlated, one does not necessarily cause the other. How to statistic correctly: find the right data, use the appropriate statistical tools, clearly communicate the numerical info into written language. Two braches of statistics: descriptive: collecting, organizing, and presenting the data. Summarized important aspects of the data: inferential: drawing conclusions about a population based on a sample data from the population. Reasons for sampling from the population: too expensive to gather info on the entire population, often impossible to gather info on the entire population.
