QMB 3200 MIDTERM UCF QUESTIONS AND ANSWERS | GRADEDA+ | 2026

QMB 3200 MIDTERM UCF QUESTIONS AND ANSWERS | GRADEDA+ | 2026 Data - answer-the facts & figures collected, analyzed, and summarized for presentation and interpretation Dataset - answer-all the data collected for a particular analysis Element - answer-the entity on which data is collected Variable - answer-a characteristic of interest of an element Observation - answer-the variables associated with an individual element Categorical - answer-use numeric or ordinal values of measurement of categories Quantitative - answer-use numeric (quantitative) measures The type of statistical analysis depends on whether the variable is - answer-categorical or quantitative Cross-sectional - answer-data collected at a similar point in time Time Series - answer-data collected over several time periodsPanel - answer-combination of cross-sectional and time series data Descriptive Statistics - answer-describe data or variables Population - answer-is the set of all data/variables of a statistical analysis Sample - answer-is a subset of the population Statistical Inference - answer-uses data from a sample to make estimates and test hypothesis about the characteristics of a population Analytics - answer-is the scientific process of transforming data for decision making What are the three broad areas of data analytics? - answer-Descriptive, predictive and prescriptive Descriptive Analytics - answer-which describe what has happened in the past Predictive Analytics - answer-uses statistical models from past data to predict the future [forecasting] or access the impact of one variable on another [inference] Prescriptive Analytics - answer-uses models seeking to find a best (optimal) solution. Often these are some type of optimization model The difference between data and big data are - answer-a. Volume - the number of observations. b. Velocity - the speed at which data is collected.c. Variety - the forms of data are of different types. d. Veracity - the reliability of the data generated Data mining - answer-Focuses on extracting predictive information from big data Frequency Distribution - answer-a tabular summary of data showing the number (i.e. frequency) of observations in each of several non over-lapping categories Relative Frequency - answer-frequency of a class/ n of a class Percent Frequency - answer-relative frequency * 100 Bar Chart and Pie Chart - answer-a visual display of frequency; relative frequency & percent frequency distributions Number of Classes - answer-Typically, between 5 and 20. Small data sets have less; larger data sets have more Width of the Class - answer-Generally, it should be the same for each class. Approximate class ____ = (largest data value - smallest data value)/number of classes Class Limits - answer-each data observation must only belong to one class Relative Frequency Distributions - answer-frequency of the class/n Crosstabulation - answer-a tabular summary of data for two variables (either categorical or quantitative)Scatter Diagram & Trendline - answer-a ___ ___ is a graphical display of the relationship between two quantitative variables and a ___ provides an approximation (i.e. an estimate) of the relationship; which can be positive, negative, or none Mean (or average) - answer-is the average value for a variable and the sample mean is denoted as ̅