Business Statistics Accounting, Finance, SPSS Research Paper (Research Paper Sample)
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Fundamentals in Statistics
Fundamentals in statistics
In statistics there are some words that are commonly used i.e. population; these are all the members of a group of interest in a study i.e. total number of claims on a business. Sample; is the part of the population of interest that is selected for analysis and should be representative of the population. Parameter; this is a numeric measure that describes a characteristic of the population. Statistic; this is a numeric measure that describes a characteristic of the sample taken. Variable; this is a characteristic of an item or individual of interest in the analysis. Anderson, Sweeney, & Williams, (2014).
There are 4 measurement scales used in statistics i.e. nominal, ordinal, interval scales and ratio scales. Nominal scale is a scale in which there is no inherent quantitative difference among the categories in the variable of interest. Ordinal scale is a scale that ranks-order observations in the study. The Interval scale has a constant interval but lack a true 0 point. The Ratio scale has a property of equal intervals nut it has a true 0 point.
Data representation in statistics usually depends on the kind of data that the researcher has, i.e. for categorical data its best represented using bar graphs or pie charts while numeric data is best represented using the histograms. The survey design is important in statistics as it involves several techniques in which a sample can be drawn from a population. The kinds of methods and instruments used can determine the level of accuracy of the inferences made from the analysis done i.e. censuses.
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