QMS 102 Lecture Notes - Lecture 1: Level Of Measurement, Scientific Notation

• School: Ryerson University
• Department: Quantitative Methods
• Course: QMS 102
• Professor: Irwin Pressman

Document Summary

We should ask the questions before investing time and money. Allows us to make better business decisions. Statistics are not just numbers but are also information. Many surveys who have good samples require less people. This is because it is more likely that everyone"s answer would be the same. This is why advertising and statistics go hand in hand. To successfully advertise you need to know statistics about the people you are trying to reach. A variable is a characteristic of an item. Numerical (quantitative) a counted or measured quantity. Discrete; arises from a counting process ex. You can count cars but 0. 333 of a car is useless. Continuous comes from a measuring process ex. Data is the set of individual values associating with a variable. Statistics are techniques that transform data into useful information. Scales of measurement means how variables/numbers are defined and categorized. Each scale of measurement has certain properties.