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Question

Mathematics Question on Financial Mathematics

Below are the stages for Drawing statistical inferences.

  1. Sample
  2. Population
  3. Making Inference
  4. Data tabulation
  5. 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:

  1. (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.
  2. (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.
  3. (D) Data tabulation: Another crucial step, tabulation involves organizing the sample data in a systematic way that facilitates more effective analysis by researchers.
  4. (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.
  5. (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