In studying statistics, we have been introduced to various topics and vocabulary and it is important to both understand and distinguish the differences between each other. By doing as such, we can apply and spot these tactics in our lives. The importance of understanding concepts and applying them is a critical skill for any regardless of their profession. By doing as such you will be able to understand how business and corporations’ function as well as the tactics they use on the general population.
Currently we have learned about quantitative and qualitative variables as well as population and samples and how they related to statistics. These topics are similar but have minute differences. In regards to the variables, a quantitative variable is a measured figure in which arithmetic operations make sense. However, a qualitative variable also called a categorical variable is not numerical. It is a descriptive term of the data (Qualitative Variable).
An application of quantitative research includes surveys, either online or in print, with this you can receive results from the general public about your product, services, or suggestions for improvements. If you combine this research with qualitative variables such as comment sections, or descriptive terms you will receive greater feedback from your customers.
When we gather data there are two sources that the data set is derived from. It can either be from the population in its entirety or from a small subset group of people. A population can, refer to people, objects, events, etc. It can be interpreted as the observation of subjects grouped together by a common feature. As for a sample, it is a random selection of members of a population.
It is a smaller group drawn from the population that has similar characteristics from the entire population. With this information, statisticians are able to develop hypotheses about the larger population (Kenton, Will). In statistical equations, population is usually denoted with an uppercase ‘N’ while the sample is usually denoted with a lowercase ‘n’.
By gathering two different forms of data we are able to spot trends or inconsistencies from the sample or the population. Conducting this research explores differences in viewpoints and opportunities for persons in varying cultural, racial and economic backgrounds. From this statistician and social scientists can edit their hypothesis or provide evidence the results as evidence. Examples are included in the table.
- All people living in US
- People living in Toms River
- All Americans who played golf at least once in the past year
- People who listen to Country Music
- All daily maximum temperatures in July for major U.S. cities
- People who drive a Toyota vehicle
As we continue to be introduced to more complex topics in statistics, we will come to appreciate the knowledge we have been introduced to. Whether people realize it or not statistics is a fundamental part of our lives and will continue to be so. By learning statistics, we will be able to analyze and understand claims made by media, political arguments, businesses etc.
As well as have the ability to determine when you are being misled by these companies or individuals. Other fields in which the theories of statistics apply are in the price of consumer goods, sports, gambling and finance.