QMS 102 Lecture Notes - Lecture 1: Root Mean Square, Frequency Distribution, Accounting

• School: Ryerson University
• Department: Quantitative Methods
• Course: QMS 102
• Professor: Nursel Ruzgar

Document Summary

Statistics is a way to get information from data. Transforms data into useful information for decision makers. Helps transforms numbers into useful information for decision makers. Quantify and identify the risks in a business decision. You understand and reduce the variation in decision making process. To make reliable forecasts about business activities. Involves the arrangement, summary, and presentation of data, to enable meaningful interpretation, and to support decision making. Is a set of methods of organizing, summarizing, and presenting data (eg. The actual method used depends on what information we would like to extract (eg. Are we interested in measures of central location or measures of variability?) 3 steps: collect data (eg. survey, summarize, visualize, and present data (eg. A set of methods used to draw conclusions about characteristics of population based on sample data. Estimate the population mean weight using the sample mean weight) Test the claim that the population mean weight is 120 pounds)