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Basic Statistics Concepts Guide

Statistics involves collecting, organizing, analyzing, and interpreting data. It has two main branches: descriptive statistics, which summarizes data, and inferential statistics, which draws conclusions about populations from samples. Data are facts collected as variables, which are characteristics of interest. Samples are small parts of populations used to make inferences. There are different scales of measurement for qualitative and quantitative variables, including nominal, ordinal, interval, and ratio scales. Probability sampling aims for representativeness by giving all population members an equal chance of selection, while non-probability sampling does not. Common probability methods are simple random, systematic, stratified, and cluster sampling.

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66 views13 pages

Basic Statistics Concepts Guide

Statistics involves collecting, organizing, analyzing, and interpreting data. It has two main branches: descriptive statistics, which summarizes data, and inferential statistics, which draws conclusions about populations from samples. Data are facts collected as variables, which are characteristics of interest. Samples are small parts of populations used to make inferences. There are different scales of measurement for qualitative and quantitative variables, including nominal, ordinal, interval, and ratio scales. Probability sampling aims for representativeness by giving all population members an equal chance of selection, while non-probability sampling does not. Common probability methods are simple random, systematic, stratified, and cluster sampling.

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Neel Peswani
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BASIC CONCEPTS IN

STATISTICS
STATISTICS
Statistics is a mathematical process of collecting, organizing,
presenting, analyzing and interpreting large data.

Uses:
- provides information
- provides comparison
- helps recognize relationships
- estimates unknown quantities
- predicts future outcomes
branches of statistics

DESCRIPTIVE INFERENTIAL
describe the compare groups
properties & test hypothesis
characteristics of a draw conclusion
group of persons make predictions or
places or things inferences about the
summarize or present population based on
facts of the data we sample results
already have
DATA AND VARIABLE
Data are facts and figures collected, analyzed and summarized for
presentation and interpretation
Data Set are all data collected in a particular study
Elements are entities on which data are collected
Variable characteristic of interest for the elements
Observation is set of measurements obtained for a particular element
Example: Table 1 - S&P Companies

Business
Ticker Share
Company Exchange Week EPS
Symbol Price
Rank
Hasbro N HAS 373 21 0.96

eBay NQ EBAY 19 43 0.57

IBM N IBM 216 93 4.94

Bristol N BMY 346 26 1.21


Myers
Squibb
Qualitative/ Quantitative/
Categorical Numerical
Non-numerical attributes Numerical attributes
Gender, religion

Discrete Continuous
Countable or finite Measurable,
number of siblings infinite
age, weight
SCALES OF MEASUREMENT
Nominal scale classifies data into various
distinct categories in which NO
ranking/order is implied.
Ex: Course section, religion

Ordinal scale classifies data into distinct


categories in which ranking is implied.
Ex: College levels, satisfaction ratings

Qualitative variable are measured on a nominal scale or an ordinal scale


SCALES OF MEASUREMENT
Interval scale is an ordered scale in which the difference
between measurements is a meaningful quantity, but
does not have true zero.
Ex: Temperature in Fahrenheit and Celsius

Ratio scale is like interval scale with true zero.


Ex: Speed or acceleration of vehicle

Quantitative variable are measured on a ratio scale or an interval scale


POPULATION & SAMPLE
Population is all members of a Sample is a small portion or
collection we are interested in. part of a population.

Census is a survey conducted Sample Survey is a survey


on the entire population to conducted to collect data
collect data from the sample.

Parameter is a numerical value Statistic is a numerical value


which describes a population. which describes a sample.
SAMPLING
Sampling is the process of selecting units (e.g. persons, organizations,
items) from a population of interest.

Probability Sampling. A process of selecting a sample in such a way


that all individual in the defined population have an equal and
independent chance of being selected through randomization.

Non-Probability Sampling. The samples or subjects that are needed


are merely taken or selected for the purpose of the study.
PROBABILITY SAMPLING
Simple Random Sampling basic method of sampling from a
population randomly
Systematic Random Sampling method in which we randomly select
every kth element of ordered population.
Stratified Sampling method in which the population is first divided
into strata and a simple random sample is then taken from each
stratum.
Cluster Sampling method in which the population is first divided
into clusters and then a simple random sample of the clusters is
taken.
NON-PROBABILITY SAMPLING
Convenience Sampling (Accidental) members are chosen based on
relative ease of access. Like friends, classmates, family, etc.

Judgmental Sampling the researcher choose the sample appropriate


for study.

Snowball Sampling first respondent refers a friend then refers


another and so on.
END OF LECTURE

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