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Discuss the differences between statistics as numerical facts and statistics as a discipline or field of study.
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To explain:
The differences between statistics as numerical facts and statistics as a discipline or field of study.
Explanation of Solution
Statistics refers to the numerical outcomes that we have calculated using the sample or we can say which defines the characteristics of the sample. Using the statistics, we make inferences about the population.For e.g.
In the election number of people voted is a statistic as numerical fact which just tell us some fact bout voters.
In a survey of college, we selected 200 students out of 1800 and calculated the average height of students, then average height is the statistic which represents the sample.
Statistics as a discipline or a field of study is a method or way of conducting studies about some data, collecting the data, analyzing data, creating models, making inferences about the population, testing the results.
Statistics as a field of study helps us to apply the specific outcomes to the whole population.
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Chapter 1 Solutions
Essentials of Modern Business Statistics with Microsoft Office Excel (Book Only)
- Examine the Variables: Carefully review and note the names of all variables in the dataset. Examples of these variables include: Mileage (mpg) Number of Cylinders (cyl) Displacement (disp) Horsepower (hp) Research: Google to understand these variables. Statistical Analysis: Select mpg variable, and perform the following statistical tests. Once you are done with these tests using mpg variable, repeat the same with hp Mean Median First Quartile (Q1) Second Quartile (Q2) Third Quartile (Q3) Fourth Quartile (Q4) 10th Percentile 70th Percentile Skewness Kurtosis Document Your Results: In RStudio: Before running each statistical test, provide a heading in the format shown at the bottom. “# Mean of mileage – Your name’s command” In Microsoft Word: Once you've completed all tests, take a screenshot of your results in RStudio and paste it into a Microsoft Word document. Make sure that snapshots are very clear. You will need multiple snapshots. Also transfer these results to the…arrow_forward2 (VaR and ES) Suppose X1 are independent. Prove that ~ Unif[-0.5, 0.5] and X2 VaRa (X1X2) < VaRa(X1) + VaRa (X2). ~ Unif[-0.5, 0.5]arrow_forward8 (Correlation and Diversification) Assume we have two stocks, A and B, show that a particular combination of the two stocks produce a risk-free portfolio when the correlation between the return of A and B is -1.arrow_forward
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