EC255 Chapter Notes -Squared Deviations From The Mean, Standard Deviation, Kurtosis

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12 Oct 2012
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Virtually every area of business uses statistics in decision making, Statistics a science dealing with the collection, analysis, interpretation, and presentation of numerical data. Population a collection of persons, objects, or items of interest. Census gathering data from the whole population for a given measurement o interest. The study of statistics can be organized in a variety of was. Statistics can be subdivided into two branches: descriptive statistics and inferential statistics. Descriptive statistics using data gathered on a group to describe or reach conclusions about that same group. Descriptive statistics can be used for batting averages, save percentages, and first downs because they describe an individual or team effort. Inferential statistics gathering data from a sample and using the statistics generated to reach conclusions about the population from which the sample was taken. The data gathered from the sample are used to infer something about the larger group. Inferential statistics are sometimes referred to as inductive statistics.