1. American Intercontinental University
QMB-350
Leah Murray

2. Welcome to the Course Course Length Due Dates Weekly Assignments
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
Contact
Response within hours

3. Discussion Board Posts
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

4. How am I graded? 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

5. Lets take A field Trip
Lets interrupt this lecture to go on a field trip to
Proflmurray.webs.com
Your source for all things QMB-350!!!

6. Business Statistics 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 research
Purchased data

7. Data Collection Methods
Conduct a survey
Observational Studies
Census
Recycle Data
Design an Experiment

8. Collecting Data Population Sample Why do we sample
The ENTIRE group we are interested in
Sample
Portion of the group that is studied
Why do we sample
Saves Time
Saves Money

9. Sampling Methods Simple Random Sample Cluster Sample Stratified 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

10. Types of Data Quantitative Qualitative
Measures a quantity or numerical aspect
Height, Weight, Number of pets
Qualitative
May be numerical however numbers do not have numerical meaning
Zip code, phone number, student ID number, codes

11. Measures of Central tendency
Mean
Sum of the data divided by number of data points
Not Robust to outliers
Median
Middle data point when data is in order
Robust to outliers
Mode
Most frequent data point
Can have more than one or none

12. Measures of Dispersion
Tell How spread out the data is
Measure of Consistency
Range
Largest Data point-smallest data point
Standard Deviation
The larger the standard deviation the more spread out the data is

13. Combining mean and Standard Deviation
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

14. Qualitative v quantitative
Qualitative variables- the number has no meaning therefore descriptive statistics have no meaning
Mode
Mean, Median, Standard Deviation, Variance