# Statistics for management and economics ch 1

descriptive statistics

Mathematical procedures for organizing collections of data, such as determining the mean, the median, the range, the variance, and the correlation coefficient

inferential statistics

Mathematical analysis that allow researchers to draw conclusions regarding the reliability and generalizability of their data.

population

(statistics) the entire aggregation of items from which samples can be drawn

parameter

a quantity (such as the mean or variance) that characterizes a statistical population and that can be estimated by calculations from sample data

sample

the small group of participants, out of the total number available, that a researcher studies

statistic

the summary description of a variable in a sample, used to estimate a population parameter

statistical inference

Making generalizations from the sample based on probability. Calculate this by P-values & Confidence Intervals

confidence level

A percentage or decimal value that tells how confident a researcher can be about being correct; it states the long-run percentage of confidence intervals that will include the true population mean.

significance level

A critical probability associated with a statistical hypothesis test that indicates how likely an inference supporting a difference between an observed value and some statistical expectation is true. The acceptable level of Type I error.

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