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Quantitative and Statistical Analysis Quize

Autor:   •  January 23, 2016  •  Exam  •  391 Words (2 Pages)  •  546 Views

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Quantitative and Statistical Analysis

QUIZ #1

1.        What is the definition of statistics?

Generally speaking, “statistics is a way to get information from data.” (Statistics for Management and Economics) It is a science to study the nature of object, or even predict the object in future by means of collecting, organizing and analyzing bunches of data, which covers the mathematic field mostly, and social science or natural science partially as well.

2.        What is the purpose of a histogram?

Histogram is the most important and powerful graphical method. Statistics practitioners draw a histogram to compare the difference among columns, so as to explain interval data and to conclude an important aspect of probability or frequency.

3.        Distinguish between descriptive and inferential statistics.

Descriptive statistics involves the ways of organizing, summarizing and presenting data wherein information is simplified and concluded for a better understanding. Descriptive statistics is applied in two forms. First, statistics practitioners use graphical techniques to present data, so that it facilitates readers to dig out the useful information in an easy and fast way. The other form of descriptive statistics uses numerical techniques to summarize data. This method is frequently used to calculate the mean, average or other results.

As the results are calculated from descriptive statistics, we need to define the results. Inferential statistics is a body of methods used to draw conclusions or inferences about characteristics of populations based on sample data. So it processes crowds of data (population) into estimate, prediction, or decision.

Therefore we can say that descriptive statistics provides the superficial information to readers, and also to inferential statistics for further processing, while inferential statistics extracts the cores of conclusion.  

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