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01:960:285 Study Guide - Fall 2018, Comprehensive Midterm Notes - Standard Deviation, Normal Distribution, Random VariablePremium


Department
Statistics and Biostatistic
Course Code
01:960:285
Professor
Zhanyun Zhao
Study Guide
Midterm

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Rutgers University
01:960:285
Introductory Statistics for Business
Midterm
Fall 2018
Prof. Zhanyun Zhao

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STAT 285-Lecture 1- Basic Statistics Terms
Population-set of experimental units that we study
Experimental unit- object upon which we collect data
Sample- subset of the population and only the population
Variable-a characteristic of an individual experimental unit
Inference-estimate or prediction about the total population based off of a sample of the
population
Reliability- Statement about the degree of uncertainty associated with a statistical
inference
Descriptive Statistics:information about the sample
4 elements of descriptive statistical problems:
D1- the population/sample of interest
D2- one or more variables to be investigated
D3-Tables, graphs, or numerical summary tools-How the information is presented
D4- Identifications of patterns in data
Inferential Statistics: information predicted about the wider population based off the
sample
5 elements of inferential statistical problems
I1- population of interest
I2- one or more variables to be investigated
I3- sample of population units
I4- inference about the population based on sample information
I5- measure of reliability for the inference
Examples of statistical terms in practice
Experimental unit:person
Population: cola consumers (I1)
Sample: 1000 consumers (D1,I3)
Variable: 1= Pepsi, 0 = Coca-cola (D2,I2)
Results from sample: 56% chose Pepsi (D4)
Inference:estimated that 56% of all cola consumers prefer Pepsi(I4)
Reliability: 95% confidence level of the estimate is [53-59%] (I5) - as long as you have
not observed the entire population, you cannot say anything based of the sample with
100% confidence
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Descriptive statistics: 56% of people from the 1000 sampled cola consumers preferred
Pepsi
Inferential statistics: it is estimated 56% of all cola consumers would prefer Pepsi.
Types of statistical tests:
Blind test- participant does not know details of test
Double blind test- participant and test instructor do not know test details
General Notes:
Statistics is applicable to Biology, Education, psychology, Business, Economics,
marketing, genetics, medicine, public health, etc, etc
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