Stats Chapter 1 Vocab
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If a data set is categorical
it will be a yes or no type of variable. For example, are you male or female, registered to vote, etc.
a data set is numerical
it either has to be discrete or continuous.
arise from a counting process - how many items were purchased.
Arise from a counting process - how many items were purchased.
Three Reasons to Study Statistics:
1. Being an Informed Information Consumer numerical;information is everywhere.
- 2) Evaluating Decisions ;That Affect Your life You should know
- how to use statistical techniques to evaluate;decisions that affect your well being. Be able to ask/answer;the question: Are decisions being made in a reasonable way? ;
- 3. Understanding and Making Decisions -;
- Making informed decisions and assessing the risk of various choices.
- Using statistical tools, you should know how to collect data in a reasonable
- manner, summarize the data, analyze the data, and then draw conclusions and
- assess the risk of an incorrect decision. It lets you know about the risks
- involved with makings decision especially in business and lets you understand
- and reduce the variation in the decision-making process
- is the science of collecting, organizing, presenting, analyzing, and drawing
- conclusions from data. It is a scientific discipline that provides methods for
- making sense from data. It is NOT as come people (out of ignorance) claim a way
- to lie with numbers, We will NOT use statistics to lie. Recall that Proverbs reminds;us;
- The Lord detests lying lips, but he delights in men who are truthful
- (Proverbs 12:22).
When these tools are used intelligently, it offers a powerful;way to gain valuable insight into our world.
Make sure that you honor God in all decisions. He is the ultimate boss — make Him central in all your decisions.Truth, honesty, and integrity must be maintained when using statistics. The information collected and analyzed must reflect the true performance of a company in order to not mislead investors, stockholders, and the public in general.
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