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American Intercontinental University. QMB-350 Leah Murray. Welcome to the Course. 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 - PowerPoint PPT Presentation
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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
[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
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