MGMT 1050 Chapter Notes - Chapter 1: Statistical Inference
11 Nov 2013
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Document Summary
Methods of organizing, summarizing, and presenting data in a convenient and informative way. May use graphical techniques to make it easier to read and understand. May use numerical techniques to summarize data. Measure of central location = median, mean. Measure of variability = range (how scattered the data are) Exit polls random sample of voters who exit the polling are asked for whom they voted. Body of methods to draw conclusions or inferences about characteristics of populations based on sample data. Involves 3 key concepts; the population, the sample, the statistical inference. The group of all items of interest to a statistics practitioner. Frequently very large and may be infinitely large. A set of data drawn from the studied population. We use statistics to make inferences about parameters. Statistic a descriptive measure of a sample. The process of making an estimate, prediction, or decisions about a population based on sample data. Measure of reliability: confidence level and significance level.
