Assignment

Presentation
On Business
Plan Online
Library
Portal
KRITIKA SHARMA
2 Semester
Quantitative
Techniques
 STATISTICAL DATA
Statistical Data inform about the values of the Variables measured for
the Statistical units of a population or a subset of a population and cover a broad
range of data types defined by different criteria. In the statistical
production process one can distinguish between input data, processing data, and
output data. From the aggregation level one can distinguish between data
for Statistical units (microdata) or data for aggregations of Statistical units.
In statistics, groups of individual data points may be classified as belonging to
any of various statistical data types, e.g. categorical ("red", "blue",
"green"), real number (1.68, -5, 1.7e+6), odd number(1,3,5) etc. The data type
is a fundamental component of the semantic content of the variable, and
controls which sorts of probability distributions can logically be used to
describe the variable, the permissible operations on the variable, the type
of regression analysis used to predict the variable, etc. The concept of data
type is similar to the concept of level of measurement, but more specific: For
example, count data require a different distribution (e.g. a Poisson
distribution or binomial distribution) than non-negative real-valued data
require, but both fall under the same level of measurement (a ratio scale).
Types Of Statistical Data
Quantitative Data
Qualitative vs Quantitative Data
1. Quantitative data
Quantitative data seems to be the easiest to explain. It answers key questions such as “how many,
“how much” and “how often”.
Quantitative data can be expressed as a number or can be quantified. Simply put, it can be
measured by numerical variables.
Quantitative data are easily amenable to statistical manipulation and can be represented by a wide
variety of statistical types of graphs and charts such as line, bar graph, scatter plot, and etc.
Examples of quantitative data:
• Scores on tests and exams e.g. 85, 67, 90 and etc.
• The weight of a person or a subject.
• Your shoe size.
• The temperature in a room.
Qualitative Data
• 2. Qualitative data

• Qualitative data can’t be expressed as a number and can’t

be measured. Qualitative data consist of words, pictures,
and symbols, not numbers.
• Qualitative data is also called categorical data because the
information can be sorted by category, not by number.
• Qualitative data can answer questions such as “how this
has happened” or and “why this has happened”.
• Examples of qualitative data:
• Colors e.g. the color of the sea
• Your favorite holiday destination such as Hawaii, New
Zealand and etc.
• Names as John, Patricia,…..
• Ethnicity such as American Indian, Asian, etc.
• More you can see on our post qualitative vs quantitative
data.
• There are 2 general types of qualitative data: nominal data
and ordinal data. We will explain them after a while.
 Nominal Data
Nominal vs Ordinal Data

3. Nominal data

Nominal data is used just for labeling variables, without any type of quantitative value. The name ‘nominal’ comes from the Latin word
“nomen” which means ‘name’.
The nominal data just name a thing without applying it to order. Actually, the nominal data could just be called “labels.”

Examples of Nominal Data:

Gender (Women, Men)

Hair color (Blonde, Brown, Brunette, Red, etc.)

Marital status (Married, Single, Widowed)

Ethnicity (Hispanic, Asian)

As you see from the examples there is no intrinsic ordering to the variables.

Eye color is a nominal variable having a few categories (Blue, Green, Brown) and there is no way to order these categories from highest to
lowest. This Photo by Unknown author is licensed under CC BY-NC.
 • Ordinal data shows where a number is in order. This
is the crucial difference from nominal types of data.
• Ordinal data is data which is placed into some kind
of order by their position on a scale. Ordinal data
may indicate superiority.
• However, you cannot do arithmetic with ordinal
numbers because they only show sequence.
• Ordinal variables are considered as “in between”
Ordinal Data qualitative and quantitative variables.
• In other words, the ordinal data is qualitative data
for which the values are ordered.
• In comparison with nominal data, the second one is
qualitative data for which the values cannot be
placed in an ordered.
• We can also assign numbers to ordinal data to show
their relative position. But we cannot do math with
those numbers. For example: “first, second,
third…etc.”
Examples
Examples of
Ordinal Data:
 Discrete data

Discrete data is a count that involves only integers. The

discrete values cannot be subdivided into parts.
For example, the number of children in a class is discrete
data. You can count whole individuals. You can’t count
1.5 kids.
To put in other words, discrete data can take only certain
values. The data variables cannot be divided into
smaller parts.
Discrete Data Vs It has a limited number of possible values e.g. days of the

Continuous Data month.

Examples of discrete data:
• The number of students in a class.
• The number of workers in a company.
• The number of home runs in a baseball game.
• The number of test questions you answered correctly
Continuous Data
Continuous data is information that could be meaningfully divided into
finer levels. It can be measured on a scale or continuum and can have
almost any numeric value.
For example, you can measure your height at very precise scales —
meters, centimeters, millimeters and etc.
You can record continuous data at so many different measurements –
width, temperature, time, and etc. This is where the key difference from
discrete types of data lies.
The continuous variables can take any value between two numbers. For
example, between 50 and 72 inches, there are literally millions of
possible heights: 52.04762 inches, 69.948376 inches and etc.
A good great rule for defining if a data is continuous or discrete is that if
the point of measurement can be reduced in half and still make sense,
the data is continuous.
Examples Of Continuous Data

The amount of time required to complete a project.

The height of children.

The square footage of a two-bedroom house.

The speed of cars.

 Producing reliable data.

Importance Analyzing the data appropriately.

of Drawing reasonable conclusions.

Statistical Accuracy & Precision
Data Exact Description

Better Understanding
 • Statistics Data helps in the proper and efficient
planning of a statistical inquiry in any field of study.
• Statistics Data helps in collecting appropriate
quantitative data.
Uses of • Statistics Data helps in presenting complex data in a
Statistical Data suitable tabular, diagrammatic and graphic form for an
easy and clear comprehension of the data.
• Statistics Data helps in understanding the nature and
pattern of variability of a phenomenon through
quantitative observations.
• Statistics Data helps in drawing valid inferences, along
with a measure of their reliability about the
population parameters from the sample data.
Statistical Data Measures In My
Business Plan
Masters Of Business Administration (MBA)

Business Economics

Research Methodology

Business Environment

Entrepreneurship

Mrketing

Financial Management

Quantitative Techniques
 No. of books acquired by a library over last
six years
Year No. of Books acquired
• (Qualitative) (Quantitative)
• 2000 772
• 2001 910
• 2002 873
• 2003 747
• 2004 832
• 2005 891
Total 5025

This Photo by Unknown author is licensed under CC BY-SA.

The daily visits of users to a library during a week are recorded and summarised
Day Number of users
(Qualitative) (Quantitative)
Monday 391
Tuesday 247
Wednesday 219
Thursday 278
Friday 362
Saturday 96
Sunday 100
Total 1693
Frequency Distribution of Discrete data
Price No of Books
10 1
10 1
13 1
14 1
15 1
16 1
18 1
20 2

21 2
Mean=137/9=15.22
Median=15+1/ 2 =8
Mode=10
This Photo by Unknown author is licensed under CC BY-SA.
Measure of Asymmetry (Skewness)
Normal Curve and Skewness We have already learnt about normal
distribution and it is a distribution of items in a series which is
perfectly symmetrical. The curve drawn from normal distribution
data is bell shaped and shows no asymmetry (i.e., skewness) as X =
M = Z in a normal curve. Asymmetrical
distribution which has skewness to the right is positive skewness (Z
> M > X and the curve distorted to the left is negative skewness (Z
< M< X)

Skewness
is the difference between the mean and mode or
This Photo by Unknown author is licensed under CC BY-NC.

median (i.e., X – Z or X –M )Skewness shows

the manner in which the items are clustered
around the average. It is useful in the study of
formation of series and gives idea about the
shape of the curve.
Coefficient of Skewness about the mode = Mean - Mode
Standard deviation
i.e., (J) = X – Z / beta
Coefficient of Skewness about the median = 3 X (Mean - Median)
Standard deviation
i.e., (J) = 3 ( X – M ) / beta
Types of Kurtosis

Kurtosis is a measure of flat- of distribution of items in the Mesokurtic is one having Kurtic Leptokurtic is more peaked Platykurtic is more flat than
topped ness of a curve, (i.e, middle of a series. in the center (i.e., normal than the normal curve. the normal curve.
humpedness). It indicates the curve).
nature
Basic statistics for libraries and for analysis of
Books order for each MBA Specialization
Books Specialization
4 Human Resource Manangement
6 Marketing
7 Finance
8 Logistics
9 Tourism & Hospitalism
10 Medical
11 Real Estate
11 Journalism
11 Entrepreneurship
12 Strategy
13 Energy

This Photo by Unknown author is licensed under CC BY-NC-ND.

Basic Statistics for
Calculation
Negatively
Skewed
Why & When
there is The negative skewness of the distribution indicates that an investor
may expect frequent small gains and a few large losses.
negatively
Skewed Kurtosis?

This Photo by Unknown author is licensed under CC BY-NC-ND.