LO1-1 Explain why knowledge of statistics is important. LO1-2 Define statistics

Question

LO1-1

Explain why knowledge of statistics is important.

LO1-2

Define statistics and provide an example of how statistics is applied.

LO1-3

Differentiate between descriptive and inferential statistics.

LO1-4

Classify variables as qualitative or quantitative, and discrete or continuous.

LO1-5

Distinguish between nominal, ordinal, interval, and ratio levels of measurement.

LO1-6

List the values associated with the practice of statistics.

7. Best Buy sells Fitbit wearable technology products that track a person’s activity. For example, the Fitbit technology collects daily information on a person’s number of steps so that a person can track calories consumed. The information can be synced with a cell phone and displayed with a Fitbit app. Assume you know the daily number of Fitbit Flex 2 Page 15units sold last month at the Best Buy store in Collegeville, Pennsylvania. Describe a situation where the number of units sold is considered a sample. Illustrate a second situation where the number of units sold is considered a population.

8. Summarize qualitative variables with frequency and relative frequency tables.

9 Display a frequency table using a bar or pie chart.

10Summarize quantitative variables with frequency and relative frequency distributions.

11Display a frequency distribution using a histogram or frequency polygon

Explanation / Answer

LOL-1

Statistics offer very important and essential insights in determining which data and conclusions are absoltely trustworthy. When these statistical principles are correctly applied, statistical analyses tend to produce accurate results

LOL-2

Definition of Statistics - It is a branch of mathematics dealing with the collection, analysis, interpretation, presentation, and organization of data

Areas of application of statistics:

Government Agencies - Government uses statistics to make decisions about populations, health, education, etc. It conducts research on education to check the progress of high schools students using a specific curriculum or collect characteristic information about the population using a census.

Science and Medicine - The medical field would be far less effective without research to see which medicines or interventions work best and how the human bodies react to treatment. Medical professionals also perform studies by race, age, or nationality to see the effect of these characteristics on health.

LOL-3

Descriptive statistics uses the data to provide descriptions of the population, either through numerical calculations or graphs or tables.

Inferential statistics makes inferences and predictions about a population based on a sample of data taken from the population in question.

LOL-4

At the highest level, two kinds of data exist: quantitative and qualitative.

Quantitative type of data deals with numbers and things you can measure objectively:

For example dimensions such as height, width, and length are measurable. Temperature and humidity. Prices. Area and volume.

Qualitative data deals with characteristics and descriptors that can't be easily measured, but can be observed subjectively—such as smells, tastes, textures, attractiveness, and color.

There are two types of quantitative data, which is also referred to as numeric data: continuous and discrete. As a general rule, counts are discrete and measurements are continuous.

Discrete data is a count that can't be made more precise. Typically it involves integers. For instance, the number of children (or adults, or pets) in your family is discrete data, because you are counting whole, indivisible entities: you can't have 2.5 kids, or 1.3 pets.

Continuous data, on the other hand, could be divided and reduced to finer and finer levels. For example, you can measure the height of your kids at progressively more precise scales—meters, centimeters, millimeters, and beyond—so height is continuous data.

LOL-5

Nominal basically refers to categorically discrete data such as name of your school, type of car you drive or name of a book, or product category in a store

Ordinal refers to quantities that have a natural ordering. The rank of students based on chemistry marks is ordinal data.

Interval data is like ordinal except we can say the intervals between each value are equally split. The most common example is temperature in degrees Fahrenheit. The difference between 29 and 30 degrees is the same magnitude as the difference between 78 and 79

Ratio data is interval data with a natural zero point. For example, time is ratio since 0 time is meaningful.

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