STAT 2215Q Study Guide - Midterm Guide: Simple Random Sample, Design Of Experiments, Higher Education
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STAT 2215Q Full Course Notes
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Its purpose is to organize the data and to summarize the main features in the data. Inferential statistics deals with drawing conclusions about the problem of interest based on an analysis of available data. 2: a population is the entire collection of all the elements that we are interested in, for example, people, stock prices, sales volumes, etc. Very often, due to cost or other considerations, we are unable to collect data on each element of the population. 3: a sample is a collection of a portion of the population elements that are collected in some systematic fashion: descriptive statistics summarizes properties of the sample data. Inferential statistics draws conclusions about population characteristics based on the sample data. 4: a parameter is an unknown numerical property of a population. For example, the population average is a parameter. 5: a statistic is a numerical quantity based on sample observations. For example, the computed average of sample observations is a statistic.
