EC255 Lecture Notes - Lecture 1: Nonparametric Statistics, Descriptive Statistics, Parametric Statistics
Document Summary
Stats: a science dealing with the collection, analysis, interpretation, and presentation of numerical data. Population: a collection of persons, objects, or items of interest. Census: gather data from the whole population for a given measurement of interest. Descriptive statistics: using data to describe or reach conclusions about that same group. Athletic stats used to describe team effort or individual. Inferential statistics: gather data from a sample and uses the statistics generated to reach conclusions about the population from which the sample was taken. Ex pharmaceutical research, or impact of advertising. 2 types of inferential stats: parametric statistics: requires interval or ratio data and certain assumptions about the distribution of the data, nonparametric statistics: data are only nominal or ordinal in level. **parameter and statistic are important only for inferential stats. Variable: characteristic of any entity being studied that is capable of taking on different values]
