Statistics:

• Descriptive (Summarization of data which can be tabular, graphical or

numerical.)

• Inferential (Using sample to inference about the population)

Random variable is not exactly a variable but a function to assign value to

outcome of a random process. Example would roll a dice or coin toss. 2 types of
random variables.

• Discrete – Function will take discrete values

• Continuous – Function can take any of the continuous values

Scales of Measurement of Data:

• Nominal

• Ordinal

• Interval

• Ratio

Quantitative or Qualitative Data

Qualitative Data is less useful in analytics compared to Quantitative data.

Cross-Sectional & Time Series Data:

Cross-Sectional Data are data collected at the same or approximately the same
time.

Time Series data are data collected over several time periods.

Types of Sampling

• Simple Random Sampling

• Stratified Random sampling: Samples within the strata are alike

• Cluster Sampling: Samples within the cluster are not alike. Used for area
sampling (clusters based on area) primarily. Larger sample total size but
since used for area sampling, data obtained at a quicker rate.

• Systematic sampling: Selecting samples which are multiple of 50

• Simple Random Sampling, Stratified random sampling, cluster sampling,

systematic sampling are all examples of probability sampling i.e. each
member of the population has equal probability of getting selected.

• Convenience Sampling:
 • Judgement sampling: samples selected by person who is an expert in that
field.

Probability distribution of Sampling mean (x bar) is called Sampling

distribution.

Binomial distribution is a discrete probability distribution. Binomial Distribution is

used for getting probability of a event happening K times out of N. We should
know the probability of individual events.

Poisson process is used to calculate probability of 2 cars passing if we know how

many cars pass on an average.