QMB 3200 ALL IN ONE REVISION;
GOOD SUMMARY AND REVISION
QUESTIONS AND ANSWERS
Statistics
the mathematical science that deals with the collection,
analysis, and presentation of data, which can be used for
inference
marketing research
focus groups, customer surveys, predicting consumer buying
patterns
advertising
household surveys, tv viewing habits
operations
quality control, supply chain
finance and economics
data on income, credit risks for consumer and corporate
borrowers
data
raw facts or measurements of interest in an unorganized form
information
,data that are transformed into useful facts that can be used for
a purpose, such as a decision
each individual value of info is called a
data point
primary data
collected for your own use
secondary data
collected by someone else for another purpose
advantage and disadvantages of primary and secondary data
primary- adv: collected by person who uses the data. Dis:
expensive, time consuming
secondary- adv: readily available, less expensive. Dis-no control
how data was collect, less reliable
Primary data collection methods:
-direct observation or focus group
-experiments
-surveys or questionaires
categorical data
qualitative data. can be demonstrated numerically or non-
numerically
Quantitative data
data with numerical values
, Qualitative data can be separated into two:
nominal and ordinal
nominal
arbitrary labels for data. no ranking. examples: zipcodes
ordinal
ranking allowed. no measurable meaning to the # differences.
Example: education year
Quantitative data can be separated into 2:
interval and ratio
interval
meaningful difference. no true zero point. example: calendar
year
ratio
meaningful difference. true zero point. example: income
time series data
values that correspond to specific measurements taken over a
range of time periods
cross section data
values that correspond from a number of subjects during a
single time period
descriptive statistics
GOOD SUMMARY AND REVISION
QUESTIONS AND ANSWERS
Statistics
the mathematical science that deals with the collection,
analysis, and presentation of data, which can be used for
inference
marketing research
focus groups, customer surveys, predicting consumer buying
patterns
advertising
household surveys, tv viewing habits
operations
quality control, supply chain
finance and economics
data on income, credit risks for consumer and corporate
borrowers
data
raw facts or measurements of interest in an unorganized form
information
,data that are transformed into useful facts that can be used for
a purpose, such as a decision
each individual value of info is called a
data point
primary data
collected for your own use
secondary data
collected by someone else for another purpose
advantage and disadvantages of primary and secondary data
primary- adv: collected by person who uses the data. Dis:
expensive, time consuming
secondary- adv: readily available, less expensive. Dis-no control
how data was collect, less reliable
Primary data collection methods:
-direct observation or focus group
-experiments
-surveys or questionaires
categorical data
qualitative data. can be demonstrated numerically or non-
numerically
Quantitative data
data with numerical values
, Qualitative data can be separated into two:
nominal and ordinal
nominal
arbitrary labels for data. no ranking. examples: zipcodes
ordinal
ranking allowed. no measurable meaning to the # differences.
Example: education year
Quantitative data can be separated into 2:
interval and ratio
interval
meaningful difference. no true zero point. example: calendar
year
ratio
meaningful difference. true zero point. example: income
time series data
values that correspond to specific measurements taken over a
range of time periods
cross section data
values that correspond from a number of subjects during a
single time period
descriptive statistics
