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Chapter 1

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Quantitative Methods
QMS 102
Scott Clark

QMS 102: Chapter 1 Introduction • Statistics is the science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making effective decisions • Descriptive statistics focusers on collecting, summarizing, presenting, and analyzing a set of data • Inferential statistics 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 characteristic of a sample • Parameter is a numerical measure that describes a characteristic of a population 1.1 WhatAre Data? • Data collection is a process of gathering information using questionnaires, interviews, experiments, and field study • Questionnaires is a data collection instrument containing sequences of questions to meet a research object • Data are a collection of numbers and/or attributes of an entity • Numeric data is quantitative data, non-numeric data is qualitative data 1.2 Data Collection • Primary data involves raw data that are collected directly from respondents using various instruments, ex: interviews, surveys, observations, & laboratory experiments • Secondary data are collected by another party or source • Variable: Data collected, each variable has a name and a value (the response) • Population: Includes all the items or person in your study or research • Census: Set of data that includes all members of a population • Sample: Subset of a population • Sample Size: Number of items/persons in a sample; sample size is denoted as n • Population Size: Number of items/persons in a population; denoted as N 1.3 Classification of Data • Quantitative data: Numeric data resulting from measuring, can be either discrete or continuous quantitative data o Discrete variables have numerical values that arise from a counting process. Ex: Number of premium cable channels, because the number is finite, 1,2, or none. o Continuous variables produce numerical responses that arise from a measuring process. Ex: Time you wait for a teller at a bank, because the respon
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