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Define descriptive statistics
focuses on collecting, summarizing, presenting, and analyzing a set of data( tables, charts)
define inferential statistics
data that have been collected from a small group to draw conclusions about a larger group. To make decisions about which investment might lead to a higher return and what marketing strategy might lead to increased sales
universally accepted meanings that are clear to all associated with an analysis
numerical values that arise from a counting process. Ex. number magazines subscribed to
classifies data into distinct categories in which no ranking is implied.Ex. buy a product in 12 months
classifies data into distinct categories in which ranking is implied. Ex. Rate satisfaction
ordered scale in which the difference between measurements is a meaningful quantity but does not involve a true zero point
ordered scale in which the difference between the measurements involves a true zero point such as height or weight.
width class interval
divide the range(highest value- lowest value) by the number of classes desired.
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