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Fundamentals of Statistics - Lesson Summary

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Statistics

Statistics answers questions using data or information about a situation and helps in decision-making in an uncertain environment.
Population and Sample

The Population is a complete set of all the items that interest an investigator, whereas a Sample is an observed subset of the population.

Parameter and Statistic

A Parameter is a characteristic of the population, whereas a Statistic is a specific characteristic of a sample.

Descriptive and Inferential Statistics

Descriptive statistics use graphical and numerical procedures to summarize data and to transform data into information.

Inferential statistics provide a base for forecasting predictions and estimates for transforming information into knowledge.

Types of Data

-Nominal data
-Ordinal data
-Interval data
-Ratio data

Categorical Data

Categorical Data are responses that belong to groups or categories. It represents characteristics such as a person's gender, marital status, hometown, or the types of movies they like.

Cases and Variables

A Case is an experimental unit. These are the individuals from which data are collected.

A Variable is a characteristic that is measured and can take on different values. In other words, something that varies between cases.

Cross-sectional data and Time-Series Data

Time series is basically data measured across different points in time and Cross-sectional Data are the result of a data collection, carried out at a single point in time on a statistical unit.