MGCR 271 Lecture Notes - Lecture 1: Descriptive Statistics, Statistical Inference, Standard Deviation

• School: McGill University
• Department: Management Core
• Course: MGCR 271
• Professor: Glenn Zabowski

Document Summary

Descriptive statistics involves organizing, summarizing and illustrating statistical data. The objective is to show important characteristics of the data without drawing any formal conclusions. Inferential statistics involves using a representative subset of data (a sample) in order to draw conclusions about unknown characteristics of an entire set of data (a population). Most of the samples we deal with will be random samples makes it as representative of the population as possible ex: making a sample of mcgill students = all years, backgrounds, faculties, programs etc. Don"t need large samples for accurate statistical results. Both populations and samples have an equivalent set of characteristics. different notation since they come from a diff group of people. this way we know if we are dealing with a population or sample characteristic. The entire set of elements of interest (i. e. all humans, all working-age people in canada, all it companies). A population parameter is a characteristic used to describe a population.