| Basic Statistics
Statistics is a collection of procedures and principles for gathering and analysing information in order to help people make decisions when faced with uncertainty. In descriptive statistics, we are interested in gathering information about a set of observations that make up a population. Inferential statistics on the other hand, allows us to draw conclusions about populations based on information contained in a sample. Such conclusions are also known as iinductive reasoning.
Parameter |
Symbol |
Formula |
Data |
|
|
Count |
|
|
Mean (Sample) |
|
|
Mean (Population) |
|
|
Standard Deviation (Sample) |
|
|
Standard Deviation (Population) |
|
|
Variance |
|
 or  |
Median |
|
The 50 th percentile point or the mid-point if the data set is arranged in order |
Mode |
Mode |
The value with the highest number of observations in the data set |
Maximum |
Max |
The highest value in the data set |
Minimum |
Min |
The lowest value in the data set |
Range |
R |
The difference between the highest and lowest value |
|
