Week 1 - Introduction, Fundamentals of Statistics Flashcards
What does statistics do?
It deals with the collection, presentation, analysis and use of data to make decisions, solve problems and design products & processes.
What is probability?
It allows us to use information & data to make intelligent statements & forecasts about future events.
It also helps quantify the risks associated with staistical inferences.
What is a population?
The collection of all items of interest or under investigation.
N represents the population size.
What is a sample?
An observed subset of the population.
n represents the sample size.
Midterm question:
What is a variable?
A characteristic of an item or an individual that will be analyzed using statistics.
What is a parameter?
A specific characteristic of a population.
What is a statistic?
A numerical measure that describes a variable (characteristic) of a sample (part of a population).
Midterm question:
What are the types of variables with respect to the data format in which they are collected?
Exam asked for examples.
Data is divided into Categorical and Numerical data. Categorical variables group things into categories.Numerical variables measure quantities. Discrete ones have distinct, countable values (like the number of pets, kids), while continuous ones can have any value within a range (like height or temperature).
Categorical : marital status, eye color, political party
What is variability?
Succesive observations of a system or phenomenom do not producte exactly the same result, hence the variability.
What are the two branches of statistics?
Descriptive and inferential.
What is descriptive statistics?
Collecting, summarizing and processing data to transform data into information.
We can collect data via survey, present data via tables and graphs, and summerize data with eg. sample mean.
If examples are needed:
The daily average temperature range of Mostar was 25C last week.
The average age of athletes who participated in the marathon was 25 years.
50% of teachers at IBU are female.
The score of 200 students in Calc 1 are in range 0-80.
What is inferential statistics?
It provides the bases for predictions, forecasts and estimates that are used to transform information into knowledge.
Inference is the process of drawing conclusions about population based on information obtainted from samples.
Examples if needed:
* The result obtained from the analysis of the income of 1000 randomly selected citizens in BiH suggests that the average monthly income of a citizen is estimated to be 1159 KM.
* The National Statistical Bureau of BiH declares the outcome of its survey as
“The population of BiH in the year 2023 will likely to be 3,210,847.
Name potential sources of data:
Published sources (on Internet websites), surveys (questionnaries), experiements, observations.
What is a frame?
List of all items in the population from which the sample will be selected.
What is sampling?
The process by which members of a population are selected from a sample.
