QMS 102 Lecture Notes - Lecture 1: Statistical Process Control, Accountant, Pie Chart

• School: Ryerson University
• Department: Quantitative Methods
• Course: QMS 102
• Professor: Mahsa Madani

Document Summary

Accounting: public accounting firms use statistical sampling procedures when conducting audits for their clients. Finance: financial analysts use a variety of statistical information, including price- earning ratios and dividend yields, to guide their investment recommendations. Marketing: electronic point-of-sale scanners at retail checkout counters are being used to collect data for a variety of marketing research applications. Production: a variety of statistical quality control charts are used to monitor the output of a production process. Economics: economists use statistical information in making forecasts about the future of the economy or some aspect of it. The science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making effective decisions. Focuses on collecting, summarizing, presenting, and analyzing data: inferential statistics: Uses data that have been collected from a small group to draw conclusions about a larger group. A numerical measure that describes a characteristics of a population. Population: the whole a collection of persons, objects, or items under study.