QMM Chapter 1-5 - 1-1 Quantitative Methods in...

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1-1 Quantitative Methods in Management (QMM)
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1-2 Chapter - 1 Data Collection, collation & Classification Measures of Central Tendency & Dispersion.
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1-3 Using Statistics Percentiles and Quartiles Measures of Central Tendency Measures of Variability Grouped Data and the Histogram Skewness and Kurtosis Relations between the Mean and Standard Deviation Methods of Displaying Data Exploratory Data Analysis Using the Computer Introduction and Descriptive Statistics 1
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1-4 Distinguish between qualitative data and quantitative data. Describe nominal, ordinal, interval, and ratio scales of measurements. Describe the difference between population and sample. Calculate and interpret percentiles and quartiles. Explain measures of central tendency and how to compute them. Create different types of charts that describe data sets. Use Excel templates to compute various measures and create charts. LEARNING OBJECTIVES 1 After studying this chapter, you should be able to :
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1-5 Statistics is a science that helps us make better decisions in business and economics as well as in other fields. Statistics teaches us how to summarize, analyze, and draw meaningful inferences from data that then lead to improve decisions. These decisions that we make help us improve the running, for example, a department, a company, the entire economy, etc. WHAT IS STATISTICS ?
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1-6 1-1. Using Statistics (Two Categories) Inferential Statistics Predict and forecast values of population parameters Test hypotheses about values of population parameters Make decisions Descriptive Statistics Collect Organize Summarize Display Analyze
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1-7 Qualitative - Categorical or Nominal: Examples are- Color Gender Nationality Quantitative - Measurable or Countable: Examples are- Temperatures Salaries Number of points scored on a 100 point exam Types of Data - Two Types
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1-8 Nominal Scale - groups or classes Gender Ordinal Scale - order matters Ranks (top ten videos) Interval Scale - difference or distance matters – has arbitrary zero value. Temperatures ( 0 F, 0 C) Ratio Scale - Ratio matters – has a natural zero value. Salaries Scales of Measurement
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1-9 A population consists of the set of all measurements for which the investigator is interested. A sample is a subset of the measurements selected from the population. A census is a complete enumeration of every item in a population. Samples and Populations
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1-10 Sampling from the population is often done randomly , such that every possible sample of equal size ( n ) will have an equal chance of being selected. A sample selected in this way is called a simple random sample or just a random sample .
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