ECON1203 - Statistics

statistics

Chapter 1 Descriptive vs. inferential

ECON1203 Statistics
Chapter 1 Descriptive vs. inferential statistics
Descriptive statistics
1.
2.
3.
4.

Collecting data (e.g. surveys)

Summarising data (frequency tables)
Analysing data (measures of central location, variability and distribution)
Presenting data (e.g. bar charts, pie charts, histograms, scatter plots)

Inferential statistics

Making conclusions or inferences about populations based on samples

(e.g. exit polls predict election outcomes)

Measures of reliability of statistical inference

1. Confidence level proportion of times an estimating procedure is correct
(e.g. average cans of soft drink consumed by student each week)
2. Significance level proportion of times a conclusion is incorrect
(e.g. that a particular candidate will win an election)
Descriptive statistics about a

Inferential statistics about a

population

sample

Population a whole group

Sample a random selection of a

population

Parameter a measure of a

Statistics a measure of a sample

population

(e.g. proportion of women in a random

(e.g. proportion of women in Australia)

survey)

Page 1 of 1