QMS 102 Study Guide - Final Guide: Qualitative Property, Cumulative Frequency Analysis, Frequency Distribution

• School: Ryerson University
• Department: Quantitative Methods
• Course: QMS 102
• Professor: Paul Moore

Document Summary

Statistics canada: statistics is t he science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making effective decisions. Smith and chua: business statistics is a branch of mathematics that transforms numbers into useful information for business decision makers. Inferential statistics drawing conclusions and/or making decisions concerning a population based on sample data. Parameter a parameter is a numerical measure that describes a characteristic of a population. Statistic -a statistic is a numerical measure that describes a characteristic of a sample. variable is a characteristic of a population or sample that is of interest. Ex. minimum deposit to open an account/monthly fee/student name id/term mark/ final grade. Qualitative: non numeric, gender religion type of car owned eye color. Quantitative data, on the other hand, is data that can be quantified and verified, and is amenable to statistical manipulation. " in other words, quantitative data defines in details;