1.1 Elements, Variables and Observations: Statistical Terminology and Summary
1. Elements, Variables and Observations
2. Statistical Terminology
The three main elements of statistics are: data collection, organization, and analysis.
Variables are characteristics that can be measured, while observations are the actual measurements themselves.
For example, a marketing research company may use statistics to analyze customer surveys in order to better understand how people shop and what motivates them to make purchases.
It is important to understand statistical concepts because they provide a way to organize and make sense of data. Without an understanding of statistics, it would be difficult to draw conclusions or make predictions based on data.
One challenge that working with data can present is that it can be difficult to determine which variables are relevant and which are not. Another challenge is that sometimes data can be noisy or contain errors, which can make it difficult to interpret results accurately.