EC255 Study Guide - Comprehensive Final Exam Guide - Statistical Inference, Standard Deviation, Sampling Distribution
Document Summary
Statistics is the art and science of gathering, analyzing, interpreting, and presenting data: key issues, how to quantify data, transform data into information, transform information into knowledge, how to deal with uncertainty. Interval level: values convey how much more or less one value is than another value (how much is. A-b? i. e. temperature: ratio level: values can take on a natural or absolute zero (how much is a/b?) __ ($) (can have decimals: nominal, are you married? (yes or no, ordinal, how would you rate the value of the product (excellent, good, fair, poor) Sample: collection of elements drawn from the population (i. e. subset of the population, collection of elements drawn from the population (i. e. subset of the population) i. e. sample of 365 voters from last election, size usually denoted by n Statistic: an estimate of the value of a parameter based on the elements that belong to the sample (i. e. average age of voters was 32)
