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Intro to Stats definitions

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  • Statistics
    Branch of science focused on collecting and analyzing data to inform decisions about groups or entities.
  • Data
    Information collected as measurements, counts, or responses, forming the basis for analysis and interpretation.
  • Population
    Entire group of interest containing all relevant data, measurements, or responses for a specific study.
  • Sample
    Subset of a population selected to represent and provide insights about the larger group.
  • Parameter
    Numerical value summarizing a characteristic of a population, such as an average or proportion.
  • Statistic
    Numerical value summarizing a characteristic of a sample, used to estimate population parameters.
  • Qualitative Data
    Information categorized by names, labels, or attributes, lacking inherent numerical value for calculations.
  • Quantitative Data
    Information expressed as numbers or measurements, suitable for mathematical operations and analysis.
  • Discrete Variable
    Numerical data with countable values that cannot be subdivided, such as dice rolls or student counts.
  • Continuous Variable
    Numerical data that can be divided into finer units, allowing for decimals and fractions, like time or distance.
  • Business Analytics
    Application of statistical methods to interpret data and guide decision-making in commercial contexts.
  • Inferential Statistics
    Techniques used to draw conclusions about populations based on sample data, often involving estimation or prediction.
  • Attribute
    Characteristic or quality used to categorize qualitative data, such as eye color or nationality.