Methods of organizing, summarizing, and presenting data in an informative way are called

Answer:

Descriptive Statistics. can be defined as methods for organizing, summarizing, and presenting data in an instructive way. Inferential Statistics. are methods that use a sample of the population for estimating and drawing conclusions.

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Statistics: As a branch of scientific methodology, statistics is concerned with scientific method for collecting, organizing, summarizing, presenting and analyzing data as well as with drawing valid conclusions and making reasonable decisions on the basis of such analysis.

The science of collecting, organizing, presenting analyzing and interpreting data to assist in making more effective decision is called statistics.

The study of statistics is usually divided into two categories:

1. Descriptive statistics
2. Inferential statistics.

Descriptive Statistics: Statistical procedures used in describing the properties of sample or of population, where complete population data are available are referred to descriptive statistics.

Descriptive statistics is the method of organizing summarizing or presenting data in an informative way. Descriptive statistic includes the method of:

1. Data collection, classification
2. Tabulation
3. Frequency Distribution.
4. Graphs and diagrams.
5. Measures of central tendency and location
6. Measures of dispersion or variation.
7. Measure of skewness and   kurtosis.

Inferential Statistics: Statistical procedures used in the drawing of inferences about the properties of population from sample data are referred to inferential statistics.

Inferential statistics is the methods which used to estimate a property of a population on the basis of sample. Inferential statistics is also called statistical inference.

Population: An aggregate of all individuals or items defined on some common characteristics is called a population.

Population is aggregated group of people, industry who are homogenous in some case.

A population is any defined aggregate of object, persons or assets, the variable used as the basis for distribution or measurement being specified.

The entire set of individuals or objects of interest or the measurements obtained from all individuals or objects of interest is called population.

Sample: Sample is any subgroup or sub-aggregated group drawn by some appropriate methods from a population.

A small but representative group with finite number of individuals or items of a population is called a sample.

Sample is a portion or part of the population of interest.

Parameter: Parameter is a property descriptive of the population.

A constant, which is a function of population values can characterize the variable of the underlying population to some extent and is usually unknown, is called parameter.

Estimate:

Estimate refers to a properly of a sample drawn at random from a population.

Statistic:

Any data from sample is called statistics. Any function of sample value which is an estimate of the parameter and which is a known value is called a statistic.

What is Statistics?

Statistics is the science of collecting, organizing, presenting, analyzing, and interpreting

numerical data to assist in making more effective decisions.

Who Uses Statistics?

Statistical techniques are used extensively by marketing, accounting, quality control,

consumers, professional sports people, hospital administrators, educators, politicians, physicians, and many

others.

Types of Statistics

1.Descriptive statistics

2.Inferential Statistics

Descriptive statistics: Methods of organizing, summarizing, and presenting data in an informative way.

Example 1: 35% of the faculty of commerce – English section knows Mr. Ehab

Example 2: According to Consumer Reports, General Electric washing machine owners reported 9 problems per

100 machines during 2001. The statistic 9 describes the number of problems out of every 100 machines.

Inferential Statistics: A decision, estimate, prediction, or generalization about a population, based on a sample.

Example 1: TV networks constantly monitor the popularity of their programs by hiring Nielsen and other

organizations to sample the preferences of TV viewers.

Example 2: The accounting department of a large firm selects a sample of the invoices to check for accuracy for

all the invoices of the company. The firm selects a random sample of 100 invoices and checks each invoice for

accuracy. There is at least one error on five of the invoices; hence the accounting firm estimates that 5 % of the

population of invoices contains at least one error.

Chicago-based market facts asked a sample of 1,960 consumers to try a newly

developed chicken dinner by Boston Market. Of the 1,960 sampled, 1,176 said

they would purchase the dinner if it is marketed

(a)What could market facts report to Boston Market regarding acceptance of the

chicken dinner in the population?

(b)Is this an example of descriptive statistics or inferential statistics? Explain.

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Types of variables

1. Qualitative

2.Quantitative

When the characteristic being studied is nonnumeric, it is called a qualitative variable or an attribute. Examples

of qualitative variables are gender, type of automobile owned, and eye color.

When the variable studied can be reported numerically, the variable is called a quantitative variable. Examples of

quantitative variables are the balance in your checking account, the life of an automobile battery, and the number

of children in the family.

Quantitative variables are either discrete or continuous. Discrete variables can assume only certain values, and

there are usually "gaps" between the values. Examples are the number of bedrooms in a house. A home can have

3 or 4 bedrooms, but it cannot have 3.56 bedrooms. Thus there is a gap between possible values.

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What is organizing and summarizing data called?

What is the general process of organizing summarizing and describing the collected data in an easier format?

What helps in organizing presenting information and extracting meaning from raw data?

What is the importance of organizing and presenting data?