APPLIED QM- Review (2) for TEST 1

I. Answer the following questions:

a. What are quantitative methodologies and what is statistics?

i. Quantitative methods emphasize objective measurements and the

statistical, mathematical, or numerical analysis of data collected through
polls, questionnaires, and surveys, or by manipulating pre-existing
statistical data using computational techniques.

ii. Statistics is the study of how to acquire meaningful information by

analyzing data

b. What is the Purpose of a statistical study?

i. Examine and understand a phenomenon (social, economic, scientific…).

c. What are the 3 questions of Data collection?

i. WHERE: to find the information

ii. WHY: do we need this information
iii. HOW: to collect the data that will be transformed into information

d. What is inferential statistics?

i. The process of obtaining information about a larger group from the
study of a smaller group

e. What is the difference between a population, a sample and a statistical unit?

i. A population is the entire collection of things under consideration

ii. A sample is a portion of the population selected for analysis
iii. A statistical unit is ONE element of the population

f. What is the difference between a parameter and a statistic?

i. A parameter is a summary measure computed to describe a
characteristic of the population
ii. A statistic is a summary measure computed to describe a
characteristic of the sample

g. Why do we sample in statistics?

i. Less time consuming than a census

ii. Less costly to administer than a census
iii. Sometimes the testing requires the destruction of the items
(statistical units)
iv. It is possible to obtain statistical results of a sufficiently high
precision based on samples.

h. List the 4 categories of scaling and explain the characteristic oi each

i. Nominal (measures: answers are just different)
ii. Ordinal (different and orderly answers, we can say that good is
lower than excellent)
iii. Interval: measures also the difference in results, also, the ZERO is
NOT ABSENCE OF VALUE NOR A STARTING POINT. Measuring the
difference in temperature between two cities)
iv. Ratio: A value could be double or triple another value

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 II. For the classified table below: Complete the table then…

Ages # members Frequencies LT-Cumulative LT-Cumulative

(%) frequencies freq (%)
15 ≤ X< 20 7 12% 7 12%
20 ≤ X< 25 11 18% 18 40%
25 ≤ X< 30 20 33% 38 63%
30 ≤ X< 35 12 20% 50 83%
35 ≤ X< 40 10 17% 60 100%
Total 60

a) Calculate:
Check the REVIEW1_STATISTCS-TEST1 for a more detailed explanations

a. The mean

Mean for grouped data: µ = ∑fx

N

((17,5*7)+(22,5*11)+(27,5*20)+(32,5*12)+(37,5*10))/60=28,08

b. The median

Median for grouped data:

Px = Lx + i (NX/100 - ∑fc) (median: X= 50)

fx

P50 = 25 + 5(60*50/100 – (12+10)) (median: X= 50)

20
P50 = 25 + 5 *(30 – (22))
20
P50 = 25 +2=27

Px = The value of the Xth percentile

X = The number of the desired percentile 50 in the case of median
N = Size (total number of observations) 60
i = Size of the class interval 5
Lx = Lower limit of the class containing the Xth percentile 25
fx = The number of observations in the class 20
∑fc = The cumulative frequencies below the class containing the Xth percentile 22

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 c. The mode

Mode for grouped data: MODE = LMO + i. d1___

d1 + d2

= 25 + 5. 12___
8+9
=28,5

Lmo : Lower limit of the modal class 25

i : Width of the modal class 5
d1 : Frequency in the modal class minus frequency in the class below the modal class 20- 12=8
d2 : Frequency in the modal class minus frequency in the class above the modal class 20-11=9