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Chapter 1, Problem 1.1LM

BuyFindarrow_forward

Statistics for Business and Econom...

13th Edition
James T. McClave + 2 others
ISBN: 9780134506593

Solutions

Chapter
Section
BuyFindarrow_forward

Statistics for Business and Econom...

13th Edition
James T. McClave + 2 others
ISBN: 9780134506593
To determine

To determine: The statistics.

Explanation

Explanation:

Justification:

Statistics:

Statistics is defined as the ‘science of data’, which deals with collection, classification, summarization, organization and analysis of data, interpretation of numerical and categorical data, along with inferring about the nature of the data.

For an example, a researcher wants to find the average height of students of 7th grade of a certain school. The researcher collects the height of all students of 7th standard. Now the data should be organized in a well-defined manner or grouped into classes. The researcher uses statistics (mean) to find the average heights of the students, infer about the heights of 7th grade students in general, and makes a conclusion.

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