Week 1

Question 1

Why quantitative methods are relevant?

Answer 1

Turn Information into knowledge

Question 2

What is statistics a branch of?

Answer 2

Statistics is a branch of applied mathematics that involves the
collection, description, analysis, and inference of conclusions
based on data.

Question 3

What do mathematical theories behind statistics rely on?

Answer 3

The mathematical theories behind statistics rely heavily on
differential and integral calculus, linear algebra, and probability
theory.

Question 4

What are statisticians particularly concerned with?

Answer 4

Statisticians are particularly concerned with determining how
to draw reliable conclusions about large groups through
samples.

Question 5

What do samples consist of?

Answer 5

Samples consist of a portion of such a large group.

Question 6

Is statistics critical?

Answer 6

Statistics is increasingly critical to businesses.

Question 7

What do the insights of statistical analyses generates?

Answer 7

The insights that statistical analysis generates support
organisations increase operational efficiency, identify new
business opportunities, improve marketing and sales programs,
among other benefits.

Question 8

What does properly performed statistical analysis lead to?

Answer 8

Properly performed statistical analysis may, ultimately, lead to
competitive advantages over competitors.

Question 9

What are the two major branches of statistics?

Answer 9

Two major branches of statistics are descriptive statistics and
inferential statistics.

Question 10

What are descriptive statistics used for?

Answer 10

Descriptive statistics are used to summarise the characteristics of a sample or
dataset, such as a variable’s mean, standard deviation or range

Question 11

What do inferential statistics employ?

Answer 11

• Inferential statistics employs techniques to relate variables in a dataset (e.g.
  correlation, regression analysis)
  These may then be used to estimate forecasts or infer causality

Question 12

What are descriptive statistics procedures?

Answer 12

Descriptive statistics procedures:
Mean (average)
* Variance
* Skewness
* Kurtosis

Question 13

What are inferential statistics procedures?

Answer 13

Inferential statistics procedures:
* Hypothesis testing
* Analysis of variance (ANOVA)
* Regression analysis
* Logit modelling

Question 14

What do descriptive statistics focus on?

Answer 14

Descriptive statistics focuses directly on summarising and
presenting data

Question 15

What does tables and data visualisation portray?

Answer 15

Tables and data visualisation (e.g. graphs) portray the data

Question 16

What are examples of charts?

Answer 16

Examples of charts include, but are not limited to, histograms,
bar charts, scatter plots, and line graphs, among many more

Question 17

What are descriptive measures used for?

Answer 17

• Descriptive measures are used to summarise data.
• Descriptive measures are commonly divided into two parts:
  measures of central tendency (e.g. mean, median, mode) and
  measures of variability (e.g. variance, standard deviation,
  range).

Question 18

What does inferential statistics deal with?

Answer 18

Inferential statistics deals with the selection and use of sample
data to produce information about the larger population from
which the sample is selected.

Question 19

What is population , parameter, sample and statistic?

Answer 19

Population is the set of all elements of interest in a particular
study.
* Parameter is a summary measure for a population.
* Sample is a subset of the population.
* Statistic is a summary measure for a sample.

Question 20

What certainties is a world view based on?

Answer 20

A world view may be based on certainty:
* Deterministic
* One-to-one, cause-and-effect relationships
* Well-defined

Question 21

What uncertainties does a world view consider?

Answer 21

On the other hand, a world view may consider uncertainty:
* Probabilistic
* Given some effect, there may be various causes
* Randomness

Question 22

What is the difference between statistics and mathematics?

Answer 22

• Statistics and mathematics are fundamental components of data
  analysis.
• While some view statistics as a type of mathematics, the reality
  is that they are completely different disciplines.

Question 23

What are the difference between statics and mathematics?

Answer 23

Mathematics is all about numbers and concrete solutions, while
statistics is making sense of numbers via “educated guesses”.
* Mathematics is precise, while statistics deals with
ranges/intervals

Question 24

What is the probability theory about?

Answer 24

• Probability theory is the study of likelihood or chance.

Question 25

What connection is probability about?

Answer 25

Probability is also the connection between descriptive and
inferential statistics.

Question 26

What are statistics good for?

Answer 26

1.Describing a complex world
2.Forecasting trends
3.Capturing relationships;
4.Informing decision-making and policy;
5.Evaluating decisions and policies.