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Study Guide

# QMS 102- Final Exam Guide - Comprehensive Notes for the exam ( 29 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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QMS102 111- Business Statistics I: Lecture 01
What is Statistic?
Statistics is a way to get information from data
Data: Facts, especially numerical facts, collected together for references or info.
Information: knowledge communicated concerning some particular fact.
Example
A student is somewhat apprehensive about the statistics course because the student
believes the myth that the course is difficult. The professor provides last term’s
marks to the student. What information can the student obtain from this list?
List of last term’s marks.
Population, Parameter, Sample, Statistics, Variable
Population: group of all items of interest to the statistics practitioner
All the members of Ryerson University
Parameter: A descriptive measure of a population
Mean number of soft drinks sold at Ryerson every week.
Sample: A set of items drawn from the population.
500 students surveyed.
Statistic: A descriptive measure of a sample.
Average number of soft drinks these students buy per week.
Variable: a characteristic of population or sample that is of interest for us.
Number of soft drinks a student buys every week.
Key Statistical Concepts
Population:
A population is the entire set of all items under study
Frequently very large. E.g. all 5 million Florida voters
Statistics
Information
95
89
70
65
78
57
class.
E.g. Median of all marks,
Typical mark, i.e.
average.
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Sample:
A sample is a set of data drawn from the population.
Potentially very large, but less than the population.
E.g. a sample of 700 voters exit polls on election day.
Parameter:
A descriptive measure of a population
In most applications of inferential statistics, the parameter represents the
info we need.
E.g. the proportion of the 5 million Florida voters who voted for Obama.
Statistic:
A descriptive measure of a sample.
E.g. The proportion of the sample of 700 Floridians who voted for Obama.
Types Of Statistics
Descriptive Statistics: involves the arrangement, summary, and
presentation of data, to enable meaningful interpretation, and to support
decision-making.
Set of methods of organizing and presenting data. Methods include
Graphical and Numerical techniques.
Describe the data that’s being analyzed, but doesn’t allow us to draw
Inferential statistics: a set of methods used to draw conclusions about
characteristics of a population based on sample data.
set of methods, but it is used to draw conclusions or inferences about
Subset
Inference
Parameter
Pop. Has Parameters
Statistic
Samples have Statistics
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