Table of contents
- 1. Introduction to Statistics53m
- 2. Describing Data with Tables and Graphs2h 1m
- 3. Describing Data Numerically1h 48m
- 4. Probability2h 26m
- 5. Binomial Distribution & Discrete Random Variables2h 55m
- 6. Normal Distribution & Continuous Random Variables1h 48m
- 7. Sampling Distributions & Confidence Intervals: Mean1h 17m
- 8. Sampling Distributions & Confidence Intervals: Proportion1h 20m
- 9. Hypothesis Testing for One Sample1h 8m
- 10. Hypothesis Testing for Two Samples2h 8m
- 11. Correlation48m
- 12. Regression1h 4m
- 13. Chi-Square Tests & Goodness of Fit1h 30m
- 14. ANOVA1h 4m
1. Introduction to Statistics
Intro to Stats
Struggling with Statistics for Business?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
A survey of 40 gym members from a large gym finds an average work out duration is 52 minutes. Is this a parameter or a statistic?
A
Parameter
B
Statistic

1
Understand the difference between a parameter and a statistic. A parameter is a numerical value that describes a characteristic of a population, while a statistic is a numerical value that describes a characteristic of a sample.
Identify the population and the sample in the given problem. The population refers to all gym members of the large gym, while the sample refers to the 40 gym members surveyed.
Recognize that the average workout duration of 52 minutes is calculated from the sample of 40 gym members, not the entire population.
Since the average workout duration is derived from a sample, it is considered a statistic, not a parameter.
Conclude that the average workout duration of 52 minutes is a statistic because it describes a characteristic of the sample, not the entire population.
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