quantitative analysis

Learning objectives:  Descriptive statistics

1. Explain the difference between a statistic and a parameter.

2. Explain the relationship between descriptive statistics and statistical inference, and how sample results can be used to provide estimates of population parameters.

3. Understand the concept of a random variable.

4. Assess the role of sampling in making statistical inference.

5. Explain how measures of central tendency (mean, median, and mode) and spread (variance and standard deviation) can be used to solve managerial problems. Contrast different methods of determining each.

6. Compute mean, weighted mean, geometric mean, median, mode, variance, standard deviation, and coefficient of variation and apply them managerially.