QMS 102- Final Exam Guide - Comprehensive Notes for the exam ( 22 pages long!)

• School: Ryerson University
• Department: Quantitative Methods
• Course: QMS 102
• Professor: Nursel Ruzgar

Document Summary

Statistics is a way to connect raw data into usable information (e. g. results from surveys) You can use statistics to create information that can be used for decision making as well as even in marketing. Other forms of decision making - risks in business ventures. There are 2 different branches of statistics used in business: Descriptive statistics: collecting raw data (numbers) and analyzing the information (stocks, cash flow) Inferential statistics: using data collected from a smaller group to infer a larger population - drawing conclusions from a smaller group (focus groups) e. g. estimation & hypothesis testing (will be discussed in term 2) Categorical (qualitative): variables that have values that only be placed into categories. Numerical (quantitative): variables that have values that represent quantities. Discrete - arise from a counting process (countable) Continuous - arise from a measuring process (not; measured characteristics) Ordinal - contains a ranking order (looks like nominal)