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QMS 102 Lecture 1 Notes

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Ryerson University
Quantitative Methods
QMS 102
Clare Chua

QMS 102 BUSINESS STATISTICS I Dr. Chua Lecture 1 WHAT IS STATISTICS? “Statistics is the science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making effective decisions.”Data transforms into Information Statistics can be.... Descriptive Statistics -Collecting and describing the data -Collect Data eg Survey -Present Data eg Tables and Graphs -Characterize Data Parameters Stats What is Data? Observed values of variables or responses to a survey. Titles are called variables. There are two types of Data: Qualitative (Categorized) which can be summarized by graphs or proportions/ratios/percentage and Quantitative(Numerical) which can be summarized by graphs and/or numerical description(mean, median, mode, standard deviation) Collect Data through questionnaire/survey, a designed experiment, and an observed study. Classification of Data Type of Data Measurement Scale Quantitative Data Discrete (20 years) or Continuous(20 years 3months) Interval/Ratio Qualitative Data Nominal has no order or Ordinal which has order such as medals in the Olympics. ( ) 20 “ “ 30 ( )30 “ “ 40 Range or Categorical (Qualitative) ( ) 40 “ “ 50 ( ) above 50 Interval: '0' is only an arbitrary reference point '0' does not mean “nothing” *Only addition and subtraction Addition/Subtraction data vales and get meaningful results.
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