BUEC 232 Study Guide - Midterm Guide: Conditional Probability, Interquartile Range, Parametric Statistics

• School: Simon Fraser University
• Department: Business Economics
• Course: BUEC 232
• Professor: Andrew Flostrand

Document Summary

Descriptive statistics: gathering data from a body, group, or population and reaching conclusions only about that group. Parameter: descriptive measure of the population: population mean ( ), population variance ( 2), population standard deviation ( ) Statistic: descriptive measure of a sample: sample mean (x ), sample variance (s2), sample standard deviation (s) Researchers study the sample of the population rather than conducting tests about the parameter due to the amount of time and money required to take a census. Inferences about parameters are made under uncertainty unless it is computed directly from the population. Data: recorded measurements: used to learn more about the variables being studied. Not all data should be analyzed in the same way statistically because the entities represented by the numbers are different. Appropriateness of the data analysis depends on the level of measurement of the data gathered. Four different levels of data: nominal (lowest level, used only to classify or categorize.