To calculate the credit given for a partial payment, we divide the amount of the partial

Exam 1: Study Guide Lecture 2: Rafia Chaudhary  Statistics is the art and science of learning from data  Individuals (also known as subjects, instances, and observations) are the things we get our data from. Who/what do we get our data from o These are often people, animals, or other living things but don’t need to be  Variable: any characteristic or piece of information about an individual o Is an answer to a question, like how tall are you What’s your name etc.  Ex: you are working for a drug company and you are developing a new drug to treat the common cold o Individuals: humans o Variables: measure of patient’s symptoms, time it takes for effectiveness, stuff like that  A discrete distribution is one in which the data can only take on certain values, for example integers. o Ex: the number of students in class. You can’t “half” a student so they must be whole #s  A continuous distribution is one in which data can take on any value within a specified range (which may be infinite). o Ex: a person’s height, time it takes to complete a race, weight, think measurements  Nominal scales could simply be called “labels.”  With ordinal scales, it is the order of the values is what’s important and significant, but the differences between each one is not really known. Position of something on a list.  Small sample size: