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Learning Objectives
In this chapter you learn:
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Internet articles / reports Magazine articles Newspaper articles Television & radio reports
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Descriptive Statistics
Collecting, summarizing, presenting and analyzing data
Inferential Statistics
Using data collected from a small group to draw conclusions about a larger group
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Inferential methods used to develop, quantify, and improve the accuracy of predictive models Involves managerial approaches like Six Sigma
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Descriptive Statistics
Collect data
e.g., Survey
Present data
Characterize data
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Inferential Statistics
Estimation
e.g., Estimate the population mean weight using the sample mean weight
e.g., Test the claim that the population mean weight is 120 pounds
Hypothesis testing
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Chapter Summary
In this chapter, we have Introduced the basic vocabulary of statistics and the role of statistics in turning data into information to facilitate decision making Examined the use of statistics to:
Summarize data Draw conclusions from data
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