Transcript American Intercontinental University

QMB-350
Leah Murray
Course Length
 Due Dates
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Weekly Assignments
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Sunday night 11:59 PM CST
Discussion Board Post
Individual Project or Group
Late Assignments
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Late Policy in Instructor Files
Chat Times
 Office Hours
 Email Contact
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[email protected]
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 posts

Response 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
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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
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How many employees to hire/have on staff
How many units to stock
Use for advertising purposes
Often calculated as part of everyday business
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Primary Data
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Collected by the company itself
Scanned Items
Inventory
Direct Survey
Secondary Data
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Collected by a third party
 Independent research
 Purchased data
 Conduct
a survey
 Observational Studies
 Census
 Recycle Data
 Design an Experiment
 Population
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The ENTIRE group we are interested in
 Sample
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Portion of the group that is studied
 Why
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do we sample
Saves Time
Saves Money
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Simple Random Sample
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Cluster Sample
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Break population into strata take a simple random
sample from each strata
Systematic Sample
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Break population into clusters, sample an ENTIRE
cluster
Stratified Sample
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Randomly select members of population
Chose every nth item
Convenience Sample
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Use members of population that are easily available
 Quantitative
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Measures a quantity or numerical aspect
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Height, Weight, Number of pets
 Qualitative
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May be numerical however numbers do not have
numerical meaning
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Zip code, phone number, student ID number, codes
 Mean
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Sum of the data divided by number of data points
Not Robust to outliers
 Median
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Middle data point when data is in order
Robust to outliers
 Mode
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Most frequent data point
Can have more than one or none
 Tell
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How spread out the data is
Measure of Consistency
 Range
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Largest Data point-smallest data point
 Standard
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Deviation
The larger the standard deviation the more
spread out the data is
Frequency
Frequency
25
20
20
15
15
10
Frequency
5
10
Frequency
5
0
24
35
45
56
66
77
87
97
108
118
More
69
71
72
73
75
76
77
79
80
81
More
0
 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
Mean, Median, Standard
Deviation, Variance
Mode