BUSI 1450U Lecture Notes - Statistical Inference, Descriptive Statistics
Document Summary
Lecture 1 y actual numbers that have been measured or observed y process of collecting, classifying, interpreting, and reporting numerical information with respect to a particular. Statistics has two meanings subject y summarizing and presenting information. Descriptive statistics y estimates about the characteristics of a population based on information found in one or more samples. Inferential statistics y total set of objects that are of interest to a decision maker, can be infinite or finite, and collected by a census. Why use sample statistics? y time constraints y cost constraints y population size unknown y destructive tests (dummy tests) y sample may be more accurate. Values can only be determined by experiment or observation. Characteristic that is countable like a set of integers. All the properties of the values are meaningful. The order of the numbers and the numbers themselves convey information. The ratios between the numbers have no interpretation. Values can be arranged into a meaningful order.
