MGMT 1050 – Lecture 1 – Ch 1, 2.

1, 5

What is Statistics?
o “Statisitcs is a way to get information from data”
o Data: Facts, especially numerical facts, collected together for reference or
o Information: Knowledge, communicated concerning some particular fact.
o Population: is the set of all items i.e.:
 All York Students
 Canadians
o Sample: is a subset of observations drawn from a population.
 40 York students chosen at random.
 800 New-York voters who voted for each candidate.
Descriptive Statistics
o Are methods of organizing summarizing and presenting data in a convenient and
informative way?
o Describes the data set that’s being analyzed but doesn’t allow us to make
conclusions or make any interferences about the data.
o Involves arranging, summarizing, and presenting a set of data in such a way that
useful information is produced.
The method used depends on what information needs to be extracted.
o Measure of central location or
o Measure of variability (dispersion)?
Inferential Statistics
o Used to draw conclusions or inferences about characteristics of populations
based on data from a sample.
Data Types
o Quantitative vs. Qualitative
 Quantitative:
 All values have a numerical meaning
 Discrete vs. Continuous
o Continuous: The result of a measurement process
o Discrete: The result of a counting process
 Stats on discrete data often results in non integer
 An average family has 2.2 children.
 Qualitative
 The values are simply labels or categories and have no numerical
 Only calculations that use the frequency of occurrence are valid.
(how many times a certain qualitative response comes up)
o Proportions
o Probabilities

o Variable: is some characteristic of a population or sample.  o Ranking Time Series vs. o Data taken over multiple years for a single entity. and ordinal) o Interval Data: The value of the numbers mean something in relation to each other and the intervals between values have meaning. o Nominal data: Denotes Categories  Ex: words that describes categories. incomes.  Nominal data are also called qualitative or categorical. Data Types: (interval.  Ex: TSX Index  Population of Canada (1876 – 1990) o Time-series data graphed on a line chart.  Ex: Weights. distance. Top of the list is Interval Data type. which plots the value of the variable on the vertical axis against the time periods on the horizontal axis. o Interval and ratio data are two different things.  Ratio data has a defined zero point. nominal. 2-1b Hierarchy of Data     Data types can be placed in order of the permissible calculations. o Ordinal Data: appears to be categorical in nature but the values (or categories) have an order. Middle is Ordinal Bottom is Nomial . Cross-Sectional o Time Series: The Data is observed over intervals in time.

o Less costly Sampling Plans . Sampling      Direct Observation o Looking at something and recording data Experiments o Doing different experiments to collect data Surveys o A Survey solicits information from people Why Sample? o Less time consuming.Exercise: College Salaries Ch 5.