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Study Guide

School

Ryerson UniversityDepartment

Quantitative MethodsCourse Code

QMS 102Professor

Nursel RuzgarStudy Guide

FinalThis

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QMS 102

FINAL EXAM

STUDY GUIDE

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Isaiah Ferris Fall 2016

QMS102 – Class 1 Notes

Statistics is a way to get information from data

o

Population:

o A group of all items of interest to the statistics practitioner.

All the members of the Ryerson University.

Parameter:

o A descriptive measure of a population.

Mean number of soft drinks sold at Ryerson every week.

Sample:

o A set of items drawn from the population.

500 students surveyed.

Statistic:

o A descriptive measure of a sample.

Average number of soft drinks these students buy per week.

Variable:

o A characteristic of population or sample that is of interest for us.

Number of soft drinks a student buys every week

Descriptive statistics:

o Involves the arrangement, summary, and presentation of data, to enable meaningful

interpretation, and to support decision making.

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Isaiah Ferris Fall 2016

o The actual method used depends on what information we would like to extract.

Are we interested in:

Measure(s) of central location?

Measure(s) of variability (dispersion)?

These methods include:

Graphical Techniques

Numerical Technique

Inferential Statistics:

o A set of methods used to draw conclusions about characteristics of a population based on

sample data

o It is used to draw conclusions or inferences about characteristics of populations based on

data from a sample

Statistical inference is the process of making an estimate, prediction, or decision about a

population based on a sample.

o

To visualize & summarize business data

o Descriptive methods used to create charts & tables

To draw conclusions from business data

o Inferential methods used to reach conclusions about a large group based on data from a

smaller group

To make reliable forecasts about business activities

o Inferential methods utilizing statistical models based on business data

Categorical (qualitative) variables have values that can only be placed into categories, such as

yes ad o.

Numerical(quantitative) variables have values that represent quantities.

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