When Statisticians Analyze Sample Data in Order to Draw Conclusions

question 7

Multiple Choice

When statisticians analyze sample data in order to draw conclusions about the characteristics of a population,this is referred to as

• A)descriptive statistics.
• B)statistical inference.
• C)data analysis.
• D)data summarization.

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Definitions:

Opportunity Cost

The price paid when one opts not to pursue the next most favorable choice during decision-making.

Cash Outlay

The actual amount of money spent or disbursed on goods, services, or assets.

Alternative Investments

Investments in asset classes other than stocks, bonds, and cash, including real estate, hedge funds, private equity, and commodities.

Discontinuing

The process of ending the manufacture, support, or offering of a product or service.