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American Intercontinental University

American Intercontinental University

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American Intercontinental University

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  1. American Intercontinental University QMB-350 Leah Murray

  2. 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 • Email Contact • LeMurray@faculty.aiuonline.edu • Response within 24-48 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 • 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 • 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 • 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