QMS 102 Study Guide - Midterm Guide: Weighted Arithmetic Mean, Data Set, Interquartile Range

• School: Ryerson University
• Department: Quantitative Methods
• Course: QMS 102
• Professor: Clare Chua

Document Summary

Statistics is the science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making effective decisions. Data collection is a process of gathering information using questionnaires, interviews, experiments and field study. In business world information is usually gathered using questionnaires. Data are a collection of numbers and/or attributes of an entity. For ex: professorial rank, rating of a service, letter grades, medals awarded in olympic games. Interval- it is the data that has units of measurement. In this case the value 0 is only an arbitrary reference point, a value of zero doesn"t mean there is no amount of the characteristic being measured. For ex: temperature, calendar scale: ratio- the 0 value does mean the absence of the characteristic being measured, meaning 0=nothing. For example of discrete ratio data: # f vocations you have taken in the past 10 years, # of part-time employees in your company, # of dvd movies you owned.