INTRODUCTORY COURSE TO STATISTICS
Statistics provides us with tools that are used to process, summarize, analyze, and interpret data for making better decisions. This means that an understanding of statistics allows us to make sense of all the data we have with us.
INTRODUCTION TO STATISTICS
we all know that decisions are made on the basis information which is incomplete. For example, financial accountants often select only a part of records for auditing accounts. Similarly, investors while investing in financial market instruments collect information about them and try to know how the market’s fluctuations will influence their chosen avenue of investment. They often construct various portfolio investments.
In statistics, a population includes all members of interest. For example, if there are 1 million people in the country and we want to say something that is related to all the people of that country, then the statistical population has 1 million members. But if we want to say something related to college students graduating this year, then the statistical population includes only n numbers of students in that country, not the whole 1 million people who are living there.