MA 222 - Business Statistics Questions and Answers (100% Pass
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Course
MA 222
Institution
MA 222
What is Statistics?
A rational process for answering questions using data
How does Statistics work?
Process called "Big Picture of Statistics"
How do Statistics start?
Data collection
Exploratory Data Analysis
exploring and summarizing collected data
Big Picture of Statistics
-> St...
✓ a variable whose values put individuals into categories (Classifiers,
Identifiers, Rankings)
quantitative variable
✓ a variable whose values measure quantity of something (Physical
measurements, Count data, Percentages)
The Parameter
✓ the one number you would compute if you had all the values of your
variable from all the individuals in the population that would answer
your question (e.g., Percentage in category of interest, Average in
quantity)
Can we get data from everyone in the population?
✓ It is too time and labor consuming, and not everyone will agree to
participate
Sample
✓ "A means to an end" - Its purpose is to estimate population parameters
Master01 | October, 2024/2025 | Latest update
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