Module Aims:

• To foster in students confidence to cope with the processing

and analyzing of quantitative information.
• To develop mathematical and statistical literacy in students,
including the ability to make numbers meaningful, focussing on
conceptual understanding and recognizing the demands for
dealing with “big data” in an information age
• To provide an appreciation of numerical and statistical concepts
relevant to the business environment.
• Develop students’ skills in the use of spreadsheet software and
calculators
Learning outcomes:

• apply numerical skills to business and/or engineering problems

• Select, organize, and present relevant information clearly and
logically
• present statistical data in a variety of formats, including
electronic means
• apply basic rules of algebra and calculus
• use computer software to carry out quantitative analysis and
present results
• Select or collect data for use in quantitative problem-solving
and descriptive analysis.
In brief, you will learn how ...:
• To appreciate benefit of numerical data for businesses
• To make decisions based on the numerical data
• To interpret and represent numerical data in a most appropriate
way depending on your aims
• To solve statistics and calculus problems using various
quantitative methods
• Note: You can find out more about module content in
module syllabus and 12-week teaching schedule.
QM TEAM 2023-2024

Indira Khadjieva
[email protected]
Class of 2012
QM TEAM 2023-2024
QM TEAM 2023-2024

Kamilova Nodira
Associate Lecturer
QM TEAM 2023-2024

Shakhzod Nomozov Shakhzod Tulkinov

Research Skills Officer Associate Lecturer
Teaching delivery:
• weekly 2-hours online lecture (online)

• weekly 2-hours seminar (offline)

You will learn the theory and its application

TEACHING CALENDAR (3BUSS001C)
Teaching Week Lecture Lecture Topic
TW1 1 Data and data representation
(Sep 11 – Sep 15)
TW2 2 Measures of location
(Sep 18 – Sep 22)
TW3 3 Measures of dispersion
(Sep 25 – Sep 29)
TW4 4 Percentages
(Oct 2 – Oct 6
TW5 5 Index numbers
(Oct 9 - Oct 13)
TW6 6 IN-CLASS TEST
(Oct 16 -Oct 20)
TW7 7 Introduction to probability
(Oct 23 - Oct 27)
TW8 8 Correlation and Regression
(Oct 30 – Nov 3)
TW9 9 Time-Series Forecasting
(Nov 6 – Nov 10)
TW10 10 Functions and Derivatives
(Nov 13 – Nov 17)
TW11 11 Matrix and SLE
(Nov 20 – Nov 24)
TW12 12 REVISION
(Nov 27 – Dec 1)
Assessment methods:
Two assessments (or components):
1. In-class test 40%
40% goes to an in-class test in Teaching Week 6.

2. Final exam (60%) in Final exam week

True/false
Theory description
Problem solving
Open ended questions
Multiple choice
 LECTURE 1
DATA & DATA REPRESENTATION
Indira Khadjieva
Hasan A K M Kamrul
QM Module Leaders
[email protected]
[email protected]
Office hours: by appointment
Room IB 205, ATB209
EXT: 546
Learning outcomes

Upon successful completion of lecture, students are able to…

Identify and compare data types
Describe how data are organized for quantitative and qualitative
analysis
Interpret frequency and related distributions
Describe ways that data may be visualized and evaluate uses of
specific visualizations
Illustrate graphs using spreadsheet software
Describe how to select among visualization types
What is data? (1)

• Data –
• the facts and figures that are collected, analyzed and summarized.

Examples: data about people, countries, employees

nature, universities, number of products sold, costs, prices,
movies, cars, hospitals, registration numbers, tax codes etc
Main types of data

• Qualitative/categorical data provide labels or names for variables.

They can be nonnumeric descriptions or numeric codes.
Examples: Coed, Public, etc
• Quantitative/numerical data show an amount of variables. They
indicate either “how much” or “how many” of something.
Examples: 953 students, $6,140 for Room & Boarding, etc
Question:
• Consider this room as an element.

Are its variables such as,

Names of students numerical or categorical?

Mode of students numerical or categorical?
Number of students numerical or categorical?
Numerical Data
Numerical
Data

Discrete Continuous

• Discrete data – the data obtained as a result of counting.

Examples: Number of enrolled students: 500, 1000, 2458, etc.
• Continuous data – the data that can take any value within a
continuum, limited only by the precision of the measurement
instrument.
Examples: Length or height of some object: 5 cm, 5.35 cm,
Scale of Measurement
SM for Qualitative Data (1)
• Nominal scale – a scale of measurement that uses name or label
to define a characteristic of an element.
Nominal scale - example
SM for Qualitative Data (2)
• Ordinal scale – a scale of measurement that is nominal and allows
ranking or ordering the data according to some criteria.
SM for Quantitative Data (1)
• Interval scale – a scale of measurement that is ordinal and
intervals between data can be used to compare variable
observations.
SM for Quantitative Data (2)
• Ratio scale – a scale of measurement that is interval and allows
considering the ratio of two data values.
Type of data ?
• Data may be obtained through already existing-sources or through
statistical studies.
1. already existing-source:
Salaries, sales, advertising costs, inventory levels can be
disclosed from a company,
2. from a statistical study:
an experiment, a questionnaire, a survey, etc
Primary and Secondary data
• Primary data – the data that are obtained as a result of conducting
a questionnaire, a survey, an interview, an observation, etc.
Examples:__________________________________________
• Secondary data – the data that come from existing sources.
Government institutions, healthcare facilities, Internet and others
can provide a great deal of information in a ready-to-estimate
format.
Examples:__________________________________________
Questions:
What data is more costly (expensive):
primary or secondary?

What data is more reliable (trustworthy):

primary or secondary?
Components of the tabular data
• Element – the entity or item on which data are collected.
Examples: Westminster College, Yale Univ., etc

• Variable – a characteristic of interest for an element.

Examples: Enrollment, type, etc

• Observation – a set of measurements collected for a particular

element.
Examples: 953, coed, public, $6,140, etc
Statistical data

Q: What are the components of the statistical table?

Raw data
• Raw data – the data that has not been processed (analyzed,
categorized, put in a table) yet.

Example:
Number of students (total 100), who attended 12 lectures: 100, 98,
85, 76, 64, 55, 76, 87, 96, 98, 99 & 100
Aggregate data
• Aggregate data – the data that has already been processed to
serve one’s goal.
Example:
On four lectures, the attendance of students was lower than 80
and on other eight lectures it was greater or equal to 80.

(the raw data above have been analyzed).

Cross-section data – data collected at the same point in time or based on the same
period of time.
Example:
Numbers of different models of automobiles produced by GM Uzbekistan in 2020.
Time series data – data that consist of observations collected at regular intervals
over time.
Example:
Number of automobiles produced by GM Uzbekistan during the period from 2010 to
2020.
Identify type of data
Q2. Which of the following best describes a time series?

A. Daily stock prices of the XYZ stock over a 60-month period.

B. Returns on four-star rated Morningstar investment funds at the end of the most
recent month.

C. Stock prices for all stocks in the FTSE100 on 31 December of the most recent
calendar year.
Population and Sample
• Population – a collection of all elements of interest in a particular
study.
• Sample – a subset of the population
Example:
All University students vs CIFS students
CIFS students vs 3CIFS1 group
Note: Data about a large group of elements are difficult
to collect due to various restrictions,
therefore only a small part of the group is considered.
PART II. Organizing data for quantitative
and qualitative analysis
Arrangement of Qualitative data:
• Case 1. Research conducted on 50 individuals’ choice on GM
Uzbekistan automobiles.
Illustrate frequency table & graph in excel
Tabular Methods:
• Frequency and Relative frequency tables
Graphical Method: Bar graph
16

14

12

10
Frequency

0
Matiz Cobalt Spark Nexia Malibu

Car Models
Graphical Method: Pie chart
Quantitative data: Discrete
• Case 2. The store sold the following numbers of refrigerators on
30 different days. Analyze and present the data in tabular and
graphical forms.
Tabular Methods:

Frequency, relative and cumulative frequency table

Range = 23 – 0 = 23; Group width = 23:5 = 4.6 ≈ 5;
Thus, make the group width = 5 for convenience.
Graphical Method: Histogram
Histogram
Graphical Method
Cumulative frequency
Quantitative data: Time series

Case 3. the following table shows the profit made by three cotton
companies over four years. Display this data graphically
Quantitative data: Time series

Times series graph (line graph)

Quantitative data: Time series

Case 4:
The company XYZ produces three types of products (A, B, and C).
The total sales of the Product A in 1999, 2000 and 2001 were
£40,000, £45,000 and £50,000, of the Product B were £30,000,
£40,000 and £50,000 and of the Product C were £50,000, £55,000
and £60,000 respectively. Construct a table for this data and
illustrate it with a help of bar chart.
Tabular form
Graphical form

Component bar graph

Graphical form

Multiple bar graph

Graphical Method
Scatter graph
Back up Question
Marta has to calculate stock returns earned by shareholders of Apple, Microsoft,
Tesla, IBM as for the year ended 31th December 2020 for her University
assignment. She is in doubt that what kind of data she is employing. Help her to
identify the type of data in terms of qualitative or quantitative, primary or
secondary, raw or aggregate, cross-section or time series, nominal or ordinal or
interval or ratio data
A. Quantitative, secondary, raw, cross-section and interval data
B. Quantitative, secondary, aggregate, cross-section and ratio data
C. Qualitative, primary, raw, time-series and interval data
D. Quantitative, primary, raw, time-series and ratio data
Back up question
Identify the type of scale of measurement (nominal, ordinal, interval or ratio)
appropriate for each of the following types of data.
(a) Star ratings of hotels
(b) Sales revenues of companies
(c) Grades of officers in armed forces
(d) House numbers in a street
(e) Prices of cars
(f) Classes of accommodation on passenger flights
(g) Passport numbers
(h) Numbers in a rating scale on a questionnaire
Back up question
The hourly wages (in £s) of 32 jobs offered by an employment agency are:

6.28 4.90. 4.41 4.67 5.73 4.65 6.48 5.26 4.52 5.11
6.90 5.85 5.37 4.24 5.94 5.82 7.14 5.65 5.50 4.12
6.45 4.70 5.09 7.28 8.15 5.27 5.25 4.82 6.23 7.04
6.43 5.40
Construct a grouped frequency distribution for these figures.
Concluding remarks:

Today, you learnt:

a) The components of statistical table;
b) The main types of data;
c) The scales of measurement of the data
d) analyze statistical data;
e) use tabular methods to display data
f) use graphical methods to display data
Essential readings (Part 1)

 Jon Curwin…, “Quantitative Methods…”, Chapters 1-2

 Glyn Burton…, “Quantitative Methods…”, Chapter 1
 Richard Thomas, “Quantitative Methods…”, Chapter 1.1
 Mik Wisniewski…, “Foundation Quantitative…”, Chapter 3
 Clare Morris, “Quantitative Approaches…”, Chapter 3
Essential readings (Part 2):

 Jon Curwin…, “Quantitative methods…”, Chapter 4

 Glyn Burton…, “Quantitative methods…”, Chapter 1
 Richard Thomas, “Quantitative methods…”, Chapter 1.2-1.4
 Mik Wisniewski…, “Foundation Quantitative…”, Chapters 5-
6
 Clare Morris, “Quantitative Approaches…”, Chapter 5
 Louise Swift “Quantitative methods…”, Chapter DD1.