ISDS 2000 Chapter : Stat Ch 1
15 Mar 2019
School
Department
Course
Professor
Document Summary
Statistics is the branch of mathematics that uncovers patterns in data and transforms that into useful information for decision making. Making reliable forecasts about business activities improving business processes. Descriptive statistics- those methods involved in the collection, summarizing (numerically or graphically), presenting, and analyzing a set of data in order to describe the various features of that data set. Inferential statistics- those methods that use data from a smaller group (sample) to make conclusions/decisions about the characteristic of a larger group (population) Variable- the characteristic of an observation or individual. Data- the values associated with a variable. Population- the entire set of observations for which conclusions are to be made. Sample- a subset of the population selected for analysis. Parameter- a summary measure that describes a characteristic of an entire population.
