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Study Guide

[QMS 102] - Final Exam Guide - Comprehensive Notes for the exam (46 pages long!)


Department
Quantitative Methods
Course Code
QMS 102
Professor
Nursel Ruzgar
Study Guide
Final

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Ryerson
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 ad o.
Numerical(quantitative) variables have values that represent quantities.
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