Business Statistics: Chapter 1 Flashcards
1
Q
What is probability?
A
How likely events are to occur.
2
Q
What are descriptive statistics?
A
Used to summarize and describe features in a dataset. Measures such as mean, median, range, variance, standard deviation.
3
Q
What are influential statistics?
A
Uses probability to make confident conclusions from data.
4
Q
What is a population?
A
The total group.
5
Q
What is a sample?
A
A select group from the population.
6
Q
What is a statistic?
A
A characteristic from a sample (varies).
7
Q
What is a parameter?
A
Characteristic from the whole population (stays the same).
