Intro to Statistics Final Exam | Latest Update | 2024/2025 | Graded A+
3 views 0 purchase
Course
Intro to Statistics Fin
Institution
Intro To Statistics Fin
Intro to Statistics Final Exam | Latest
Update | 2024/2025 | Graded A+
What is the main purpose of hypothesis testing in statistics?
To determine if there is enough evidence to reject a null hypothesis in favor of an alternative
hypothesis.
How does the concept of p-value help in making...
Intro to Statistics Final Exam | Latest
Update | 2024/2025 | Graded A+
What is the main purpose of hypothesis testing in statistics?
✔✔ To determine if there is enough evidence to reject a null hypothesis in favor of an alternative
hypothesis.
How does the concept of p-value help in making decisions about hypotheses?
✔✔ The p-value indicates the probability of obtaining test results at least as extreme as the ones
observed, assuming the null hypothesis is true.
Explain the difference between a population and a sample in statistical terms.
✔✔ A population includes all members of a specified group, while a sample is a subset of the
population used to make inferences about the population.
What is a confidence interval, and what does it represent in statistical analysis?
1
,✔✔ A confidence interval is a range of values derived from a data sample that is likely to
contain the value of an unknown population parameter. It provides an estimate with a certain
level of confidence.
Describe the Central Limit Theorem and its significance in statistics.
✔✔ The Central Limit Theorem states that the distribution of sample means approaches a normal
distribution as the sample size becomes large, regardless of the population's distribution. This
theorem is crucial because it allows for the use of normal probability theory for inference even
when the underlying population distribution is not normal.
What is the role of regression analysis in statistics?
✔✔ Regression analysis helps in understanding the relationship between dependent and
independent variables and predicting the value of the dependent variable based on the values of
the independent variables.
Define the term 'standard deviation' and explain its importance in data analysis.
2
,✔✔ Standard deviation measures the amount of variation or dispersion in a set of values. It is
important because it provides insight into the spread of the data and helps assess the consistency
or variability of the data.
What is the purpose of a chi-square test, and what types of data is it used for?
✔✔ A chi-square test assesses the association between categorical variables by comparing
observed frequencies with expected frequencies. It is used for data that is organized into
categories or groups.
Population ✔✔a collection of persons, things, or objects under study.
Sample ✔✔selecting a portion (or subset) of the larger portion
Parameter ✔✔A numerical characteristic of the whole population that can be estimated by a
statistic.
Ex: we consider all math classes to be the population, so the average number of points earned per
student over all math classes is a parameter.
3
, Statistic ✔✔A number that represents a property of the sample.
Ex: if we consider one math class to be the sample of the population of all the math classes, then
the average number of points earned by a student in that one math class at the end of the term is
an example of a statistic.
Variable ✔✔usually letters x and y, is a characteristic or measurement that can be determined for
each number of the population
Numerical variable: takes on a value with equal units such as weights in pounds and time in
hours.
Categorical variable: place the person or thing into a category (ex: party affiliation, gender, gpa).
Data ✔✔the actual values of the variable
What are the levels of measurement? ✔✔Nominal: no numerical value or order (names, labels,
categories)
4
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SterlingScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.53. You're not tied to anything after your purchase.
