Assignment 2: Principles of Statistics and Probability

Comments:

Statistics and probability are the primary tools used in calculating risk and  in all predictive sciences. They give us the ability to anticipate the outcomes of events within certain parameters.

Statistics are the mathematical residual of human activity. They are the numbers we use to keep track of our performances and can be used over a vast variety of endeavors.

Probability is the extrapolation or manipulation of statistics into a predictive format. It is the application of history (statistical data) to a future event (an anticipated outcome).

Assignment: What Are Statistics and How Do We Use Them?

Using the course resources, please answer the following questions:

1.) What is the purpose of a graphical presentation of data?

2.) Qualitative data is by definition data that is in discrete categories or classes. Given a particular data set, discuss circumstances in which you could group such data into fewer or more categories or classes, and why it would be appropriate. (Format: Assume a data set--a sports team, for example--then discuss the possible classifications of that data set and justifications for each one.)

3.) Discuss the advantages and disadvantages of mean, median, and midrange as measures of central location.

4.) Discuss the advantages and disadvantages of percentiles and z-scores as measures of relative position.