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#quantitative-methods-basic-concepts #statistics

A **statistic** is defined as a numerical quantity (such as the mean) calculated in a sample. It has two different meanings.

- Most commonly, statistics refers to numerical data such as a company's earnings per share or average returns over the past five years.
- Statistics can also refer to the process of collecting, organizing, presenting, analyzing, and interpreting numerical data for the purpose of making decisions.

Note that we will always know the exact composition of our sample, and by definition, we will always know the values within our sample. Ascertaining this information is the purpose of samples. Sample statistics will always be known, and can be used to estimate unknown population parameters.

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**Subject 1. The Nature of Statistics **

Estimates of these parameters taken from a sample are called statistics. Much of the field of statistics is devoted to drawing inferences from a sample concerning the value of a population parameter. <span>A statistic is defined as a numerical quantity (such as the mean) calculated in a sample. It has two different meanings. Most commonly, statistics refers to numerical data such as a company's earnings per share or average returns over the past five years. Statistics can also refer to the process of collecting, organizing, presenting, analyzing, and interpreting numerical data for the purpose of making decisions. Note that we will always know the exact composition of our sample, and by definition, we will always know the values within our sample. Ascertaining this information is the purpose of samples. Sample statistics will always be known, and can be used to estimate unknown population parameters. Hint: One way to easily remember these terms is to recall that "population" and "parameter" both start with a "p," and "sample" and "statisti

Estimates of these parameters taken from a sample are called statistics. Much of the field of statistics is devoted to drawing inferences from a sample concerning the value of a population parameter. <span>A statistic is defined as a numerical quantity (such as the mean) calculated in a sample. It has two different meanings. Most commonly, statistics refers to numerical data such as a company's earnings per share or average returns over the past five years. Statistics can also refer to the process of collecting, organizing, presenting, analyzing, and interpreting numerical data for the purpose of making decisions. Note that we will always know the exact composition of our sample, and by definition, we will always know the values within our sample. Ascertaining this information is the purpose of samples. Sample statistics will always be known, and can be used to estimate unknown population parameters. Hint: One way to easily remember these terms is to recall that "population" and "parameter" both start with a "p," and "sample" and "statisti

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