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What is sampling and what does inferential statistics mean

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1. What measure of central tendency will an outlier have the most affect on? [Prepare to discuss in class]

2. When evaluating the "shape" of the date, how does an outlier effect the distribution? Why does this matter in contract pricing? [Prepare to discuss in class]

3. How do we identify outliers with the Statistics Analysis tool? [Prepare to discuss in class]

4. What is "sampling" ? [CPRG Vol 2, Ch 3]

5. Why might we use "sampling' ? [Prepare to discuss in class]

6. What does "inferential statistics" mean? [CPRG Vol 2, Ch 3]

7. What problems might we encounter when using "inferential statistics"? [Prepare to discuss in class]

8. What is a "Confidence Interval"? Why do we care about the confidence interval? What do we need to establish a confidence interval? [CPRG Vol 2, Ch 3]

9. How is the Confidence Interval derived? [CPRG Vol 2, Ch 3]

Reference no: EM133220572

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