QMB-350

Leah Murray

Course Length Due Dates

Sunday night 11:59 PM CST Weekly Assignments

Discussion Board Post Individual Project or Group

Late Assignments Late Policy in Instructor Files

Chat Times Office Hours Email Contact

LeMurray@faculty.aiuonline.edu Response within 24-48 hours

Post must address all questions asked Refer to outside sources and be sure to

cite these sources Respond to at least two other students

postsResponse guidelines located in instructor

files

Chat attendance is NOT graded Each assignment has points assigned to

it Find grading guidelines/rubrics uploaded

to the course For individual projects the rubric along

with individual comments will be returned to you

For discussion board points will be awarded according to guidelines Comments will be provided via the grade

book

Lets interrupt this lecture to go on a field trip to

Proflmurray.webs.com Your source for all things QMB-350!!!

Calculated often to help businesses make decisions How many employees to hire/have on staff How many units to stock Use for advertising purposes

Often calculated as part of everyday business Primary Data

Collected by the company itself Scanned Items Inventory Direct Survey

Secondary Data Collected by a third party

Independent researchPurchased data

Conduct a survey Observational Studies Census Recycle Data Design an Experiment

Population The ENTIRE group we are interested in

SamplePortion of the group that is studied

Why do we sampleSaves TimeSaves Money

Simple Random Sample Randomly select members of population

Cluster Sample Break population into clusters, sample an ENTIRE

cluster Stratified Sample

Break population into strata take a simple random sample from each strata

Systematic Sample Chose every nth item

Convenience Sample Use members of population that are easily

available

QuantitativeMeasures a quantity or numerical aspect

Height, Weight, Number of pets

QualitativeMay be numerical however numbers do not

have numerical meaning Zip code, phone number, student ID number,

codes

MeanSum of the data divided by number of data

pointsNot Robust to outliers

MedianMiddle data point when data is in orderRobust to outliers

ModeMost frequent data pointCan have more than one or none

Tell How spread out the data isMeasure of Consistency

RangeLargest Data point-smallest data point

Standard DeviationThe larger the standard deviation the more

spread out the data is

Use the mean to give you an idea of the center of the data

Use the standard deviation to tell you how spread out the data is

Combine both to compare data sets

Qualitative variables- the number has no meaning therefore descriptive statistics have no meaning

Mode

Mean, Median, Standard Deviation, Variance