# MGMT 1050 Chapter Notes - Chapter 1: Statistical Inference, Descriptive Statistics, The Technique

by OC493309

This

**preview**shows half of the first page. to view the full**2 pages of the document.**MGMT 1050 Reading Notes: Week 1

Chapter 1: What is Stascs?

Introduction

Stascs is a way to get informaon from data

EXAMPLE 3.3 – BUSINESS STATISTICS MARKS

Student obtains a list of %nal marks

The student has the data (marks) and needs to apply stascal techniques to get

informaon her requires – descripve stascs

Descriptive Statistics

Deals with methods of organizing, summarizing, and presenng data in a convenient and

informave way

2 forms of descripve stascs

oUses graphical techniques that allow stascs praconers to present data in

ways that make it easy for the reader to extract useful informaon

oUses numerical techniques to summarize data (mean, median etc.)

The technique we use depends on what speci%c informaon we would like to extract

Measure of central locaon – mean, median, mode etc.

Measure of variability – range

Inferential Statistics

Another branch of stascs

A body of methods used to draw conclusions or inferences about characteriscs of

populaon based on sample data

Using results from a sample to apply to the populaon

EXAMPLE 12.5 – EXIT POLLS

A random sample of voters who exit the polling booth are asked for whom they voted

1.1 Key Statistical Concepts

Stascal inference problems involve 3 key concepts; the populaon, the sample and

the stascal inference

1.1a Population

Populaon: The group of all items of interest to a stascs praconer

Populaon is frequently very large and may be in%nitely large

Does not necessarily refer to a group of people

Parameter: A descripve measure of a populaon (Ex. The proporon of the populaon

that voted for Candidate B)

1.1b Sample

Sample: A set of data drawn from the studied populaon

Stasc: A descripve measure of a sample

Use stascs to make inferences about parameters (Ex. The proporon of the 900

people surveyed that voted for Candidate B represents the proporon of the populaon

that voted for Candidate B)

###### You're Reading a Preview

Unlock to view full version