QMS 102 Chapter Notes - Chapter 1: Applied Mathematics

• School: Ryerson University
• Department: Quantitative Methods
• Course: QMS 102
• Professor: Boza Tasic

Document Summary

Statistics: applied mathematics used for collecting, organizing, presenting, analyzing, interpreting data. Descriptive statistics: collecting, organizing, preparing, analyzing data (surveys, interviews, etc) Inferential statistics: data collected by smaller groups to draw a conclusion about larger group. Primary data: original (raw) data, collected from direct respondents (using surveys, etc) Secondary data: collected by other parties/sources (statistics canada, etc) Set of data, includes all members of the population. Feature, #/quantity that can be measured/counted, has a name and value. Discrete variable, from counting process, integer (ex: # of bathrooms in an apt. ) Continuous variable, from measuring process, real number (ex: money) Nominal variable, no order/ranking, cannot be organized in a logical way. Ordinal variable, has particular order/ranking, can be organized in a logical way. 0 (zero) is arbitrary reference point, 0 does not mean there is no amount. Can add and subtract data values, but cannot multiply or divide.