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Quantitative Mathematics Module 1 PDF

This document provides an introduction to quantitative mathematics concepts used in management science. It defines variables, populations, samples, and common sampling methods. It also describes several measures of central tendency (mean, median), variability (range, interquartile range, variance, standard deviation), position (percentiles, quartiles, z-scores). These foundational quantitative concepts are necessary for understanding and applying statistical analysis in business and management contexts.

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1K views8 pages

Quantitative Mathematics Module 1 PDF

This document provides an introduction to quantitative mathematics concepts used in management science. It defines variables, populations, samples, and common sampling methods. It also describes several measures of central tendency (mean, median), variability (range, interquartile range, variance, standard deviation), position (percentiles, quartiles, z-scores). These foundational quantitative concepts are necessary for understanding and applying statistical analysis in business and management contexts.

Uploaded by

yelz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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AE103-MS - Management Science (A.Y.

2020-2021)
pg.
1
QUANTITATIVE
MATHEMATICS MODULE
1 THE BASICS
(INTRODUCTION)

I. VARIABLES
- A variable is an attribute that describes a person, place, thing, or
idea. - The value of the variable can “vary” from one entity to
another.

1. QUALITATIVE OR CATEGORICAL
VARIABLES
- takes on values that are names or
labels.

2. QUANTITATIVE
VARIABLES
- variables that are numeric. -
represent a measurable
quantity. ​a. CONTINUOUS
VARIABLES
- can take any value between its minimum and maximum value. ​b.
DISCRETE VARIABLES
- can have some, but not all between its minimum and
maximum. - can only have an integer value.

II. POPULATIONS AND


SAMPLES
• ​POPULATION - ​includes all of the elements
from a set of data. - attributes are called
parameters.
• ​SAMPLE ​- consists one or more observations drawn from
the population. - attributes are called statistics.

III. SAMPLING METHOD


- A procedure for selecting sample elements from a
population.
• ​SIMPLE RANDOM SAMPLING ​- refers to a sampling
methods that has the following properties:
o ​The population consists of ​N o ​ bjects. ​o ​The sample
consists of ​n ​objects. ​o ​All possible samples of ​n ​objects
are equally likely to occur.

1. SAMPLING WITH
REPLACEMENT
- a population element can be selected more than one time. ​2.
SAMPLING WITHOUT REPLACEMENT
- a population element can be selected only one
time.
AE103-MS - Management Science (A.Y. 2020-2021)
IV. CENTRAL TENDENCY: MEAN AND MEDIAN
pg. 2 ​
• ​MEDIAN - ​to find the median, we arrange the observations in order from smallest to largest
value. If there is an odd number of observations, the median is the middle value. If there is an
even number of observations, the median is the average of the two middle values.
• ​MEAN - ​computed by adding all the observations and dividing by the number of observations.
Population Mean Sample Mean
x̅ = ∑x​
μ = ΣX​
​ N​ n

where where
μ is the population mean x̅ is the sample mean ΣX is the sum of all the Σx is the sum of all the
population observations sample observations N is the number of n is the number of
population observations sample observations
V. VARIABILITY
- Spread in a data set. - Common measures of variability.
1. RANGE
- ​the difference between the largest and smallest values in a set of values.
2. INTERQUARTILE RANGE (IQR)
- ​A measure of variability based on dividing a data set into quartiles. - Quartile divide ordered
data into four equal parts. - Values that divide each part are called the first, second, and third
quartiles. - They are denoted by Q​1​, Q​2​, and Q​3​.
* Q​1 is
​ the “middle” value in the first half of the rank-ordered data set. * Q​2 is
​ the median value in
the set. * Q​3 is
​ the “middle” value in the second half of the rank-ordered data set. To find IQR :
a. Arrange data set in a numerical order. b. Find Q​2​, Q​1​, andQ​3​. c. Compute for IQR.
IQR = Q​3 −
​ Q​1
AE103-MS - Management Science (A.Y. 2020-2021)
pg. 3
3. VARIANCE
- ​average squared deviation from the mean.
Population Variance Sample Variance
σ​2 ​= ∑(X​
​ i​−μ)​2
s​2 ​
N​ ​ i​−​x̅)​ 2
= ∑(x​
n−1
2​
where where ​σ2​ ​is the population variance ​s​ is the sample variance ​X​i is
​ the ​i​th element from

the ​x​i is
​ the ​it​ h element from the
population sample μ is the population mean x̅ is the sample mean N is the number of elements
n is the number of elements
in the population in the sample
4. STANDARD DEVIATION
- the square root of the variance.
Population Standard Deviation Sample Standard Deviation
σ = √​∑(X​i​N −μ)​
​
2

s = √​∑(x​
n−1

−​x̅)​ 2
i​

where where
σ ​is the population standard ​s ​is the sample standard deviation deviation ​X​i is
​ the ​it​ h element
from the ​x​i is
​ the ​i​th element from the
population sample μ is the population mean x̅ is the sample mean N is the number of elements
n is the number of elements
in the population in the sample
VI. MEASURES OF POSITION
- Position of a value, relative to other values in a set of data. - Common measures of variability.
1. PERCENTILES
- ​divide a set of data into 100 equal parts. - there are 99 percentile values: P​1​, P​2​, P​3​, . . . , P​99 -​
P​i is
​ a value, such that i percent of observations in a data set fall at or below it. - P​50 would
​ be
the median.
AE103-MS - Management Science (A.Y. 2020-2021)
pg.
4
2.
QUARTILES
- divide ordered data into four equal parts. - values that divide each
part are called the first, second, and third quartiles. - they are denoted
by Q​1​, Q​2​, and Q​3​. - Q​1 corresponds
​ to P​25​. - Q​2 corresponds
​ to P​50
(the median). - Q​3 ​corresponds to P​75​.

3. STANDARD SCORES
(Z-SCORES)
- indicates how many standard deviations an element is from the
mean.

(X − ​ μ) ​
z=​ σ ​ where
z ​is the z-score ​X ​is the value of the element ​μ ​is
the mean of the population ​σ
is the standard deviation

* How to interpret
z-scores:
1. A z-score less than 0 represents an element less than the mean.
2. A z-score greater than 0 represents an element greater than the
mean. 3. A z-score equal to 0 represents an element equal to the
mean.

Prepared
by:

Mr. Ivo Amodia ​Information System


Department National College of Business
and Arts - Fairview

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