Topic 1 - Data, Sample and Descriptive Stats

Question 1

What is the difference between parameters and statistics

Answer 1

• Parameters are numerical measures that describe a specific characteristic of the population
• Statistics are numerical measures computed from a sample

Question 2

What are descriptive statistics

Answer 2

• They refer to numerical and graphical methods used to summarize and present information contained in data in a meaningful way

Question 3

What are the two forms of Inferential Statistics

Answer 3

• Point Estimation
• Hypothesis Testing

Question 4

What are the benefits of frequency distributions

Answer 4

• Quick visual interpretation of data
• Condenses raw data into a more useful form

Question 5

What is usually on the y-axis of a histogram

Answer 5

• Frequency, relative frequency or percentage

Question 6

When is a distribution positively and negatively skewed

Answer 6

• Positive: tail extends to the right in the direction of positive values
• Negative: tail that extends to the left in the direction of negative values

Question 7

When are scatter diagrams used

Answer 7

• For paired observations taken from two numerical variables
• One is measured on the x-axis and one on the y-axis