# Week 1 Qnt 351

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Week 1 Qnt 351
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Introduction to Statistics

QNT 351

March 22, 2013
Merry Gallo

Introduction to Statistics

Statistics is defined in Statistics for Business and Economics, as the science of data. Involves collecting, classifying, organizing, analyzing, and interpreting numerical information. Statistics is more than just looking at numbers, there is a process involved in obtaining the numerical information. Statistical thinking is helpful as well. This involves applying rational thought and the science of statistics to critically assess data and inferences. It is important to keep in mind that variations exist in populations and processed data.
There are two different types of statistics, descriptive statistics and inferential statistics. Descriptive statistics utilizes numerical and graphical methods to look for patterns in a data set, to summarize the information revealed in a data set, and to present the information in a convenient form. Inferential statistics utilizes sample data to make

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