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STAT 1051, Balaji, Week 1 Notes

by: skenan

STAT 1051, Balaji, Week 1 Notes STAT 1051

Marketplace > George Washington University > STAT 1051 > STAT 1051 Balaji Week 1 Notes
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About this Document

These notes cover the week 1 material; Introduction, chapter 1 notes, and, terminology
Introduction to Business and Economic Statistics
Dr. Srinivasan Balaji
Class Notes
Statistics, intro, Stats, stats1051, Balaji, gwu




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This 2 page Class Notes was uploaded by skenan on Thursday September 8, 2016. The Class Notes belongs to STAT 1051 at George Washington University taught by Dr. Srinivasan Balaji in Fall 2016. Since its upload, it has received 22 views.


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Date Created: 09/08/16
STATISTICS 1051 PROF. BALAJI WEEK 1 NOTES CHAPTER 1: INTRODUCTION What is Statistics? Statistics is the science of collection and analysis of data. Various aspects:   Descriptive statistics: o Classifying o Summarizing and organizing   Inferential o Analyzing  o Interpreting Descriptive Statistics: Numerical and graphical methods are utilized to look for patterns in a  dataset and to present that information in a convenient form.   No analysis involved. Inferential Statistics: Sample data is used to make estimates, decisions, predictions about the  population.   Probability theory is a key tool for this analysis.    Population  Average (unknown) μ Sample mean  Use x to estimate μ Fundamental Elements: Population: A collection of individuals or objects that is under study. Sample: A subset of the population. Variable: A characteristic of interest about each individual element of a population or sample. Data: numbers or information with a context. Different characteristics are measured for  different individuals in the population or in the sample.   There are two types of variables.  o Qualitative / Categorical o Quantitative /Numerical Quantitative Data: variables that can assume numerical values (in the true sense) are  quantitative variable.  Addition/subtraction are meaningful for quantitative variable.  Ex; number of students enrolled in GWU since 1990. Waiting time at the Foggy Bottom  metro station. SSN of students is not quantitative even thought they are numerical.  Qualitative Data: that is not numerical (in the true sense. Observations are categorized into  various groups or categories.  Ex; blood types of students. Letter grades of students in a class. ZIP codes are qualitative  even though they are numerical. Data collection: data can be obtained in a number of ways depending on the situation. It can  be obtained from  A published source  Designated experiment  A survey  An observational study Sampling: a sample should be representative of a population. It should have characteristics of the typical target population.  Simple random sample: a sample in which each element in the population has an  equal chance of being selected. Simple random samples are obtained by either;  o Sampling with replacement OR  o Sampling without replacement.   Systematic Sample:  a sample in which the first element is picked at random, and then th every k  element is picked. Note that there should be an ordering among the elements  for us to use this.   Stratified Random Sample: A sample obtained by stratifying the sampling frame and  then selecting a fixed number of elements from each strata by simple random  sampling.  Cluster Sample: A sample obtained by sampling some of, but not all of, the possible  subdivisions within the population. These subdivisions, called clusters often occur  naturally within the population.


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