ABSTRACT
Statistics as a discipline encompasses all of those techniques which utilize numerical values to describe, analyze, or interpret experiments and experiences. Various descriptive values (means, standard deviations, index numbers, etc.) represent somewhat more complex tools. Descriptive statistics are normally one of the first steps toward analyzing a problem or making a decision. No individual can keep track of the movement of the prices associated with the more than 1000 stocks traded on the New York Stock Exchange. Inferential statistics provide a technique for examining a sample of the total production and utilizing that information to infer something about the characteristics of the total population from which the sample was drawn. Virtually everyone has drawn samples of grain or other products to determine grade or other characteristics.
