EC255 Chapter Notes - Chapter 1: Statistical Inference, Descriptive Statistics
Document Summary
Business researchers conducting a study and providing rich and interesting information that can be used in business decision making. Statistics: a science dealing with the collection, analysis, interpretation, and presentation of numerical data. Subdivide statistics into 2 branches: descriptive statistics and inferential statistics. Population: a collection of persons, objects, or items of interest. All automobiles , all ford focus cars produced from 2012 to 2013 , Researcher defines population to be whatever they"re studying. Census: when researchers gather data from the whole population for a given measurement of interest. Canadian census every 5 years, the gov. attempts to measure all persons living in this country. If a researcher is interested in ascertaining the grade point average for all students at. U of t, one way to do so is to conduct a census of all students currently enrolled there. Sample: a portion of the world and, if properly taken, is representative of the whole.
