Stats Ch.1

Population

The entire set of individuals or objects of interest or the measurements obtained from all individuals or subjects of interest.

What is Inferential statistics?

The methods used to estimate a property of a population on the basis of a sample.

Sample

A portion, or part, of the population of interest.

Which best describes the purpose of business analytics?

Business analytics is used to process and analyze data and information to support a story or narrative of a company's business.

What are the two types of Statistical studies?

Descriptive stats, Inferential stats

The nominal level of data describes what type of information?

Observations of a qualitative variable that can only be classified or counted.

What are the two types of quantitative variables?

discrete and continuous variables

What is descriptive statistics?

methods of organizing, summarizing, and presenting data in an informative way