[ECON 2200] - Final Exam Guide - Ultimate 45 pages long Study Guide!
29 Mar 2017
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Three reasons for studying statistics: data are everywhere, statistical techniques are used to make many decisions that affect our lives, no matter what your career, you will make decisions that involve data. Statistics science of collecting, organizing, presenting, analyzing, and interpreting: average salary, number of home runs, mean time, unemployment rate, etc, two types: descriptive and inferential data to assist in making more effective decisions. Descriptive statistics involves methods of organizing, summarizing, presenting, and analyzing data in an informative way: organizing past data, not future. Involves graphical summaries as well as measures of central tendency and dispersion: examples, past census data, past weekly earnings population based on a sample. Population entire set of individuals or objects of interest or the measurements obtained from all individuals or objects of interest. Sample a portion, or part, of the population of interest. Qualitative variable (attribute) the characteristic being studied is non-numeric: examples: gender, country of birth, eye colour, etc.
