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Study Guide

QMS 102- Final Exam Guide - Comprehensive Notes for the exam ( 22 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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Introduction to Statistics
Statistics is a way to connect raw data into usable information
(e.g. results from surveys)
You can use statistics to create information that can be used for decision making as well as
even in marketing.
Marketing - Target markets, advertisements etc.
Other forms of decision making - Risks in business ventures
There are 2 Different Branches of Statistics Used in Business:
Descriptive Statistics: Collecting raw data (numbers) and analyzing the information (stocks,
cash flow)
Inferential Statistics: Using data collected from a smaller group to infer a larger population -
drawing conclusions from a smaller group (focus groups)
e.g. estimation & hypothesis testing (will be discussed in term 2)
Types of Variables in Statistics:
Categorical (qualitative): variables that have values that only be placed into categories
Numerical (quantitative): variables that have values that represent quantities
There are 2 sub groups:
Discrete - arise from a counting process (countable)
Continuous - arise from a measuring process (not; measured characteristics)
Types of Data:
Nominal - facts on categorical information
Ordinal - contains a ranking order (looks like nominal)
Interval - also called quantitative/numerical but also contains a unit of measurement
Ratio - can be discrete/continuous also contains characteristics of interval data
There are different ways to show data:
Bar Graphs
Pie Chart
Tables (Summary & Contingency)
Pareto Chart (Stupid)
Stem & Leaf Display
etc.
*Stem & Leaf - Scale to the left/right or symmetrical analysis
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Stem and Leaf Displays & Visualizing Data
A Steam and Leaf Display Conveys Information About the Following Aspects of Data:
identification of a typical or representative value
extent of spread about the typical value
presence of any gaps in the data
extent of symmetry in the distribution of values
number & location of peaks
presence of any outlying values
Stem Rules:
Stems range from 6-13 steams ONLY
Stem values should be consecutive numbers/repeated numbers. Numbers may be
repeated 2 or 5 times
Stem units must be indicated if the steam is not to be taken at face value (10, 100, 1000)
Face Value would be decimal
One leaf must be associated with the first & last stem; in between it doesn’t matter
Leaf Rules:
Leaf of each data value is the next single digit after the stem
On 2 time repeats, the leaves valued 0-4 is on the first stem, 5-9 on the second
stem
On 5 time repeats, leaves valued are broken apart with 2 digit values (0,1 first
stem, 2,3 second stem)
Orders are reversed for all situations when the stem has a negative value
There is no rounding off for the values
Record value 876 with a defined stem of 8 must only be recorded as 7 (forget the
6)
Leaf values are written in ascending order when positive, descending order when
negative
Leaf values are evenly spaced
No commas/dashes between the numbers allowed
Interpretation of Results
A) Using the stem & leaf plot to detect the shape of the data distribution
Symmetry of a data distribution can be classified in 3 ways
Skewed to the left (bulk of data is on right [bottom])
Symmetrical (bulk of data is located in middle)
Skewed to the right (built of data is on the left [top])
B) Using the stem & leaf plot to extract information
How many employees were sampled? (how many leaves there are)
% of employees claimed at least/under ___ per ____? (any leaves over the particular
amount)
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