QMS 102 Chapter 1: QMS 1O2 Chapter 1 Notes.docx

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

Document Summary

Statistics - science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making effective decisions. Descriptive statistics - focuses on collecting, summarizing, presenting, and analyzing a set of data. Inferential data - uses data that have been collected from a small group to draw conclusions about a larger group. Statistic - is a numerical measure that describes a characteristics of a sample. Parameter - is a numerical measure that describes a characteristic of a population. Data collection - is a process of gathering information using questionnaires, interviews, experiments and field study. Primary data - involves raw data (original data) that are collected directly from respondents using various instruments such as interviews, surveys, observations and laboratory experiments. Secondary data - are collected by another party or source. Variable - a name chosen to describe the data collected. Each variable has a name and a value (also known as response).