FICO (Fair Isaac Corporation) scores are routinely used to rate the quality of consumer credit. You want to determine the average (mean) FICO score of an adult in the United States.

Describe how you would apply the five basic steps in a statistical study.

Data From Basic Steps in a Statistical Study

i. State the goal of your study precisely; that is, determine the population you want to study and exactly what you’d like to learn about it. 

ii. Choose a representative sample from the population. 

iii. Collect raw data from the sample, and summarize these data by finding sample statistics of interest. 

iv. Use the sample statistics to make inferences about the population. 

v. Draw conclusions; determine what you learned and whether you achieved your goal.