week 1 Flashcards
what is inferential statistics
A comparatively more complex level of statistical analysis
what is inferential statistics used for
To Estimate the relationship between multiple variables to infer data patterns and/or forecasting
what is descriptive statistics
First level of statistical analysis
what is descriptive statistics used for
Used to find values that summarise variables, samples, and populations
what does descriptive statistics focus on
Descriptive statistics focuses directly on summarising and presenting data
Tables and data visualisation (e.g. graphs) portray the data
Examples of charts include, but are not limited to, histograms, bar charts, scatter plots, and line graphs, among many more
what does inferential statistics deal with
Inferential statistics deals with the selection and use of sample data to produce information about the larger population from which the sample is selected.
what is population
Population is the set of all elements of interest in a particular study.
what is parameter
Parameter is a summary measure for a population.
what is sample
Sample is a subset of the population.
what is statistics
Statistics is a branch of applied mathematics that involves the collection, description, analysis, and inference of conclusions based on data.
what are staticians concerned about
Statisticians are particularly concerned with determining how to draw reliable conclusions about large groups through samples.
what do samples consist of
Samples consist of a portion of such a large group.
what are the two major branches of statistics
Two major branches of statistics are descriptive statistics and inferential statistics.
what are the benefits statistical analysis insights generate
support organisations increase operational efficiency,
identify new business opportunities, improve marketing and sales programs
Mathematics and statistics
Mathematics is all about numbers and concrete solutions, while statistics is making sense of numbers via “educated guesses”.
