Classification of Statistics:
- Descriptive statistics: the methodology of efficiently collecting, organizing, and describing data.
- Inductive Statistics: the process of drawing conclusions about unknown characteristics of a population usually based from a sample taken from the population
- Predictive Statistics: the process of predicting future values based on historical data.
Tomorrow we will produce 5000 parts, based off of last weeks production of : 5250; 5500; 4500; 4750; 5000