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"The relationship between the data and what they describe merely reflects the fact that certain kinds of statistical statements may have truth values which are not invariant under some transformations. Whether or not a transformation is sensible to contemplate depends on the question one is trying to answer" (Hand, 2004, p. 82). [5]
A typical "Business Statistics" course is intended for business majors, and covers [71] descriptive statistics (collection, description, analysis, and summary of data), probability (typically the binomial and normal distributions), test of hypotheses and confidence intervals, linear regression, and correlation; (follow-on) courses may include ...
A secondary analysis of the data from a planned study uses tools from data analysis, and the process of doing this is mathematical statistics. Data analysis is divided into: descriptive statistics – the part of statistics that describes data, i.e. summarises the data and their typical properties.
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Student's t-test is a statistical test used to test whether the difference between the response of two groups is statistically significant or not. It is any statistical hypothesis test in which the test statistic follows a Student's t-distribution under the null hypothesis.
Statistics subsequently branched out into various directions, including decision theory, Bayesian statistics, exploratory data analysis, robust statistics, and non-parametric statistics. Neyman-Pearson hypothesis testing made significant contributions to decision theory, which is widely employed, particularly in statistical quality control.
A common collection of order statistics used as summary statistics are the five-number summary, sometimes extended to a seven-number summary, and the associated box plot. Entries in an analysis of variance table can also be regarded as summary statistics. [1]: 378
Analysis refers to dividing a whole into its separate components for individual examination. [10] Data analysis is a process for obtaining raw data, and subsequently converting it into information useful for decision-making by users. [1] Data is collected and analyzed to answer questions, test hypotheses, or disprove theories. [11]