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Ryerson University
Quantitative Methods
QMS 102
Jason Chan

• Descriptive statistics: methods of organizing, summarizing, and presenting data in an informative way. • Inferential statistics: The methods used to find out something about population, based on a sample. • Qualitative: Data containing descriptive information in words or numbers (numbers represent codes for associated words) Examples: Gender, staff friendliness rating, customer satisfaction • Quantitative: Data containing numerical information. Examples: monthly service charge, minimum balance to avoid fee, purchase amount ○ Discrete: Numerical responses that arise from the counting process Examples: the number of bedrooms in a house, the number of customers ○ Continuous: Numerical responses that arise froma measuring process. Take any value within an interval. Examples: purchase amount • Nominal: no particular order or ranking, eg gender, world oil supply by country • Ordinal: arranged in some order, the differences between data values cannot be determined or are meaningless, eg how the custom rates a store in a number of areas (cleanliness, friendliness of staff) from 1-4 • Interval: there are units of measurement, data must be numeric, the value zero is only an arbitrary reference (does not mean there is no amount of the characteristic), eg temperature on the Celsius scale • Ratio: The zero point means absence
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