Business Statistics

Chapter 1 | Introduction to Statistics 7

subject. The study of statistics can be organized in many different ways. The most common approach

to study statistics is to divide it into two branches: descriptive statistics and inferential statistics. To

understand the difference between the two, we need to understand some very basic terms of statistics

such as population, sample, descriptive statistics, inferential statistics, parameter, and statistic. A brief

description of these important basic terms is given below.

1.8.1 Population and Sample

A population is a collection of all the elements under statistical investigation about which we are ...