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Ryerson University
Quantitative Methods
QMS 102
Paul Moore

Statistics Canada Statistics is t he science of collecting organizing presenting analyzing and interpreting data to assist in making effective decisionsSmith and Chua Business Statistics is a branch of mathematics that transforms numbers into useful information for business decision makersDescriptive statisticsCollecting presenting and describing dataInferential statistics Drawing conclusions andor making decisions concerning a population based on sample dataParameter A parameter is a numerical measure that describes a characteristic of a populationStatistic A statistic is a numerical measure that describes a characteristic of a samplevariable is a characteristic of a population or sample that is of interest Exminimum deposit to open an accountmonthly feestudentname idterm mark final gradeQualitative non numeric gender religion type of car owned eye colorQuantitativenumeric balance in your account minutes remaining number of childrenl Qualitative data describes whereas quantitative data defines Qualitative data is data that approximates or characterizes but does not measure the attributes characteristics properties etc of a thing or phenomenon In other words qualitative data describe
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