# Statistical Techniques in Business & Economics chapter 1

What is Statistics?
Science of collecting, organizing, presenting, analyzing, and interpreting data.
What are the two types of statistics?
Descriptive & Inferential
Descriptive Statistics
Method of organizing, summarizing, and presenting data in an informative way.
Inferential Statistics
Methods used to estimate a property of a population on the basis of a sample
Population
Set of individuals, objects of interest or the measurements obtained from all individuals.
Sample
Part of the population of interest.
What are the two types of variables?
Qualitative & Quantitative
Qualitative
Atrribute; Non numeric
(Gender, Type of Car, eye color)
Quantitative
Numeric value (balance in checking account , # of TV sets owned)
What are the two types of quantitative variable?
Discrete & Continuous
Discrete
Can assume a certain values within a given range. (1,2,3,4)
Continuous
Can assume any value within a given range (3.2576952)
Nominal
Data classified into categories; no logical order. (Gender)
Ordinal
Classificatioj represented by set of labels & names; Ranked or ordered (Hot-Hottest)
Interval
If one observatiom is greater than another by a certain amount; no natural zero point (temperature)
Ratio
Distance between numbers is a constant size, there is a true zero point and a ratio of two values is meaningful

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