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Quantitative II Final Assignment

QM 2 Assignment Claudio Raimundo

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claudiogiro23
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0% found this document useful (0 votes)
7 views

Quantitative II Final Assignment

QM 2 Assignment Claudio Raimundo

Uploaded by

claudiogiro23
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 6

Question 1

1.1. Census A census is the procedure of systematically acquiring and


recording information about the members of a given population.
1.2. Variable A variable is any characteristics, number, or quantity that can be
measured or counted.
1.3. Data is the actual values (numbers) or outcomes recorded on a random
variable
1.4. Population is the collection of all possible data values that exists for the
random variable under study
1.5. Sample is a subset of data values drawn from a population. Samples are used
because it is often not possible to record every data value of the population mainly
because of cause time and possible item destruction.
1.6. Parameter A parameter is a quantity that influences the output or behaviour of
a mathematical object but is viewed as being held constant. Parameters are closely
related to variables, and the difference is sometimes just a matter of perspective.
Variables are viewed a
1.7. Sampling is defined It is the process of choosing a representative sample from
a target population and collecting data from that sample in order to understand
something about the population as a whole

1.8. Statistics It is the science of data that involves collecting, organising,


presenting, analysing and interpreting data to assist in making more effective
decision.

1.9. Interview is a conversation between two people (the interviewer and


interviewee) where questions are asked by the interviewer and the interviewee
answers these questions.

1.10. Probability Is the chance, or likelihood, that a particular event will occur.

2. The difference between

2.1. Primary data is data that is recorded for the first time at the source and with a
specific purpose in mind it can either be internal or external and it’s of high quality.
Secondary data is data that already exists in a processed format. It was previously
collected and processed by others for a purpose other than the problem at hand.
It can also be internally or externally .It takes a short period of time to get the data
and it’s less expensive compared to primary data.
2.2. Internal data is sourced from within the company. It is data that is generated
during normal course of business activities. Its inexpensive collect, readily
available from the company database and of good quality.

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External data is sources outside the country an organizing. They are mainly
business associations. The cost and reliability of external data is dependent on the
source.
2.3. Discrete variables is a whole number (integer) data.
Continuous variable is any number that can occur in the interval
2.4. Qualitative data these are non-numeric response data. The data is
represented by categories only.
Quantitative data this are numeric response to data. These are real numbers that
can be manipulated using arithmetic operations (add subtract multiply divide)
2.5. Finite population it is possible to count the units contained in the population,
and it can be called a countable population.
Infinite population it is not possible to count the units contained in the population,
and it can be called uncountable population.

3. Complete the following sentences


3.1. Probability values lies between 0 and 1 inclusive
3.2. Correlation values lies between -1 and 1
3.3. The probability on an impossible event is equal to 0
3.4. The probability of a certain event is equal to 1
3.5. A numerical characteristic obtained from a sample is called Parameter

Question 2
2.1. Is a branch of mathematics working with data collection, organization, analysis,
interpretation and presentation….So statistics is all about collecting raw data and
transform that raw data in to a few summary measures that represent useful and
usable information to support effective decision making.
2.2. Descriptive statistics condenses sample data in to a few summary descriptive
measures. When large quantities of data have been gathered, there is a need to
organise, summarise and extract the essential information contained within this data
for communication to management.
Inferential statistics generalises sample findings to the broader population. It
only describes the behaviour of a random variable in a sample. They are therefore
interested in the bigger population picture.
2.3. The four scale of measurement

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 Ratio scale ratio data consist of all real numbers associated with
quantitative random variables. Ratio data has all the properties of
numbers that allow such data to be manipulated using all arithmetic
operation.
 Interval scale is associated with numeric data and quantitative random
variables. It is generated mainly from rating scale, which are used in
survey questionnaires to measure respondents’ attitudes and
motivations.
 Ordinal scale is also associated with categorical data, has an implied
ranking between the different categories of the qualitative random
variable.
 Nominal scale is associated with categorical data. Nominal data is the
weakest form of data to analyse since the codes assigned to the various
categories have no numerical properties.
2.4. The three methods of data collection.
 Observation method is a method under which data from the field is collected
with the help of observation by the observer or by personally going to the field.
 Surveys method gather primary data through the direct questioning of
respondents using questionnaires to structure and record the data. Surveys are
the most common form of data collection in consumer marketing and socio-
economic research.
 Experimentation primary data can also be obtained by conducting
experiments. This means that the analyst manipulates certain variable under
controlled conditions.

2.5. Main two Sampling techniques.


 Probability sampling
 Non-probability sampling
2.6. Examples of each technique.
 Probability sampling
1. Simple random sampling it helps to save time and resources. E.g. in an
organisation of 500 employees, if the HR team decides on conducting team
building activities, they would prefer picking chits out of a bowl.
2. Systematic random sampling members of a sample are chosen at regular
intervals of a population. E.g. a researcher intends to collect a systematic
sample of 500 group of people in a population of 5000. So each element of
the population will be number from 1-5000 and every 10th individual will be
chosen to be part of the sample.
 Non-probability sampling
1. Snowball sampling is used in studies which need to be carried out to
understand subjects which are difficult to trace. E.g. it will be extremely
challenging to survey shelter less people or illegal immigrants.

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2. Convenience sampling this method dependent on the ease of access to
subjects such as surveying customers at a mall or on a busy street. E.g.
Giving pamphlets randomly on the street to people for upcoming event.

Question 3

3.1. The probability tree diagram

3.2.
6 8 4 6.5
P (A) = (10 x10) + (10 x 10 )
48 26
+ 100
100
74
= 0.74
100

74% chance students who are graduate and non-graduate will succeed

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3.3.
4 6.5
P (A) = (10 x 10 )
26
= 0.26
100

26% chance for non-graduate student to succeed

Question 4

4.1
Managerial
level
Divisional
Qualification Section Head Departmental Head
Head
Matric 28 14 8
Diploma 20 24 6
Degree 5 10 14
Column totals 53 48 28

4.2.1
50
= 0.39
129

P (A) = 39 % chance of it being a Matric


4.2.2.
5
= 0.094
53

P (A) = 9.4 % chance


4.2.3.
24
= 0.5
48

P (A) = 50% chance


4.2.4.
81
129
= 0.63

P (A) = 63% chance

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4.2.5
53
=1
53

P (A) = 1 chance of each being selected.


4.2.6.
10
= 0.21
48

P (A) = 21% chance

4.2.7.
6
= 0.21
28

P (A) = 21% chance

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