# basic statistical concepts

Practicing the basic concepts In a statistical study, all elements of a sample are available for observation, which is not typically the case for a population. I am recording and uploading the videos on YouTube David. A population is a well-defined set of similar items with certain characteristics that are of interest to the observers. 2017-2019 | Familiarize yourself with types of studies and errors, and the concept of significance when interpreting statistics. Bar Chart / Bar Graph: Examples, Excel Steps & Stacked Graphs, Bayesian Information Criterion (BIC) / Schwarz Criterion, Bayes' Theorem Problems, Definition and Examples, Bernoulli Distribution: Definition and Examples. Please check your browser settings or contact your system administrator. You should not confuse this concept with the population of a city for example. Therefore, the size of the population is the number of items it contains. Statistical Methods: An Introduction to Basic Statistical Concepts and Analysis, Second Edition is a textbook designed for students with no prior training in statistics. Statistics is a branch of applied or business mathematics where we collect, organize, analyze and interpret numerical facts.Statistical methods are the concepts, models, and formulas of mathematics used in the statistical analysis of data. A confidence set is a random subset covering the true parameter value with probability at least . descriptive analytics. ANOVA Excel 2013 (One-Way ANOVA) Easy Steps and Video, Two Way ANOVA in Excel With Replication / Without Replication, Area Between Two Z Values on Opposite Sides of Mean, Area to the Right of a z score (How to Find it), Arithmetic Mean: What it is and How to Find it, Assumptions and Conditions for Regression, Attributable Risk / Attributable Proportion: Definition, Attribute Variable / Passive Variable: Definition, Examples, Autoregressive Model: Definition & The AR Process, Average - Definition - How to Calculate Average, Average Deviation (Average Absolute Deviation), Average Inter-Item Correlation: Definition, Example, Balanced and Unbalanced Designs: Definition, Examples. Itâs usually denoted by N. If the population is very large, it can be very expensive to carry out the investigation. 1 Introduction Decision makers make better decisions when they use all available information in an effective and meaningful way. I thanked you also for making the community so rich in knowledge. It contains chapters discussing all the basic concepts of Statistics with suitable examples. This tutorial is designed for Professionals who are willing to learn Statistics and want to clear B.A., B.Sc., B.COM, M.COM and other exams. The mean return on investmentReturn on Investment (ROI)Return on Investment (ROI) is a performance measure used to evaluate the returns of an investment or compare efficiency of different investments.of a portfolio is an arithmetic average of returns achieved over specified time periods. Book 1 | It is also called analysis of variance (ANOVA). For instance, data analysis in medicine will differ from statistical research in commerce and entrepreneurship. Sample and sampling: A portion of the population used for statistical analysis. To not miss this type of content in the future, Absolute Error & Mean Absolute Error (MAE), Accuracy and Precision: Definition, Examples.