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QMS 102 (49)
Chapter 1

QMS 1O2 Chapter 1 Notes.docx

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Ryerson University
Quantitative Methods
QMS 102
Paul Missios

QMS 102Business Statistics I Dr Changping WangChapter 1 notes DATAStatisticsScience of collecting organizing presenting analyzing and interpreting datato assist in making effective decisions Descriptive statisticsfocuses on collecting summarizing presenting and analyzing a set of data Inferential datauses data that have been collected from a small group to draw conclusions about a larger group Statisticis a numerical measure that describes a characteristics of a sample Parameteris a numerical measure that describes a characteristic of a population Data collectionis a process of gathering information using questionnaires interviews experiments and field study Primary dataInvolves raw data original data that are collected directly from respondents using various instruments such as interviews surveys observations and laboratory experiments Secondary dataare collected by another party or source Variablea name chosen to describe the data collected Each variable has a name and a value also known as response The name identifies the variable and the value relates to the data Populationincludes all the items or persons in your study or research Censusa set of data that includes all members of a population Samplea subset of a population Sample sizethe number of items persons in a sample The sample size is denoted as n Population sizethe number of items persons in a population The population size is denoted as NQuantitative dataNumerical dataDiscrete or continuous Qualitative dataCategorical data
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