Question
Mathematics Question on Financial Mathematics
Below are the stages for Drawing statistical inferences.
- Sample
- Population
- Making Inference
- Data tabulation
- Data Analysis
Choose the correct answer from the options given below:
A
B,D,A,C,E
B
A,B,D,C,E
C
B,A,D,E,C
D
D,B,A,C,E
Answer
B,A,D,E,C
Explanation
Solution
The different steps of outlining statistical inferences are as follows:
- (B) Population Identification: The population is the whole of people or things that share a specific trait or attribute that the researcher is interested in. The population would be all citizens of that nation, for instance, if a researcher wanted to look into the average height of all people living there.
- (A) Sample: It's possible that the population group is either big or too expensive to investigate completely. Therefore, in order to collect data, researchers frequently choose a sample, or smaller portion of the population. To determine the average height of the population, the researcher in the example above may select 1,000 participants at random from the nation.
- (D) Data tabulation: Another crucial step, tabulation involves organizing the sample data in a systematic way that facilitates more effective analysis by researchers.
- (E) Data Analysis: In this step, data is examined. The act of methodically reviewing and analyzing data using a range of statistical and analytical techniques in order to gain knowledge, spot trends, and come to well-informed conclusions is known as data analysis.
- (C) Making Inference: This is the last and ultimate step in deriving conclusions or forecasts regarding a certain circumstance or phenomena that hasn't been explicitly observed or measured by using the information or data that is currently available. Inference is a key aspect of scientific research, as it allows researchers to draw meaningful conclusions from data and make predictions about future outcomes.
Therefore, the correct option is (C): B,A,D,E,C