ECON1203 Study Guide - Standard Deviation, Percentile, Test Statistic
Document Summary
Statistics: involves collecting, analysing & interpreting data: descriptive statistics: organizing, summarizing & presenting data in an informative way, inferential statistics: a body of methods to draw conclusions or inferences about characteristics of populations based on sample data. Population: the group of all items of interest (e. g. people, animals, plants or things: population parameter: the descriptive measure of a population. Usually represents the information we need (example - mean # of drinks consumed at the uni (page 5 of textbook)) Exit poll example: a random sample of voters is asked who they voted for (statistic) & through statistical inference we estimate the results of the population. A variable is some characteristic of a population or sample for example, a variable could refer to the mark received on a statistics exam. Data: the observed values of a variable. E. g. cannot get 2. 5 heads (coin flipping: cannot take on all values between man/min value.
