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ance…? Knowledge of statistical methods at least helps you understand why decisions are made – In future you will make decisions that involve data314What is Meant by Statistics?Statistics is the science of collecting, anizing, presenting, analyzing, and interpreting numerical data to assist in making more effective decisions. In mon usage statistics refers to numerical information….. But in this course the term has a wider meaning….415Who Uses Statistics?Statistical techniques are used extensively by managers in marketing, accounting, quality control, consumers, professional sports people, hospital administrators, educators, politicians, physicians, gamblers, etc...516Types of StatisticsDescriptive Statistics: Methods of anizing, summarizing, and presenting data in an informative way.mEXAMPLE 1: A Gallup poll found that 49% of the people in a survey knew the name of the first book of the Bible. The statistic 49 describes the number out of every 100 persons who knew the answer.617Types of StatisticsDescriptive Statistics: Methods of anizing, summarizing, and presenting data in an informative way.EXAMPLE 2: According to Consumer Reports, General Electric washing machine owners reported 9 problems per 100 machines during 2023. The statistic 9 describes the number of problems out of every 100 machines.718Types of StatisticsDescriptive Statistics: Methods of anizing, summarizing, and presenting data in an informative way.EXAMPLE 3: The Canadian government reports that the population of Canada was 18,238,000 in 1961, 21,568,000 in 1971, 24,820,000 in 1981, 28,031,000 in 1991, and 31,050,700 in 2023. If we calculate percentage growth over the decades it is also descriptive statistics.819Types of Statistics Inferential Statistics: The