UCF QMB 3200 FINAL EXAM COMPLETE
QUESTIONS AND 100% CORRECT
ANSWERS
\.Dataset - ANSWERS✔-all the data collected for a particular analysis
\.Data - ANSWERS✔-The facts & figures collected, analyzed, and summarized for
presentation and interpretation.
\.Element - ANSWERS✔-The entity on which data is collected.
\.Variable - ANSWERS✔-a characteristic of interest of an element.
\.Observation - ANSWERS✔-The variables associated with an individual element.
\.Categorical Data - ANSWERS✔-Use numeric or ordinal values of measurement of
categories.
\.Quantitative Data - ANSWERS✔-use numeric (quantitative) measures
,\.Cross-sectional Data - ANSWERS✔-data collected at a similar point in
time.
\.Time Series - ANSWERS✔-data collected over several time periods.
\.Panel Data - ANSWERS✔-combination of cross-sectional and time series data.
\.Descriptive Statistics - ANSWERS✔-Describes data or variables
\.Population - ANSWERS✔-Is the set of all data/variables of a statistical analysis.
\.Sample - ANSWERS✔-is a subset of the population
\.Statistical Inference: - ANSWERS✔-Uses data from a sample to make estimates
and test hypothesis about the characteristics of a population.
\.What does row 1 usually contain in Excel? - ANSWERS✔-Typically contains the
variable's names.
\.What does Column A usually contain in Excel? - ANSWERS✔-contains the
elements; and the rest of the
worksheet contains the data in the dataset.
,\.How do you calculate the mean in excel? - ANSWERS✔-=Average
\.How do you calculate the median in excel? - ANSWERS✔-=median
\.What is data analytics? - ANSWERS✔-the scientific process of transforming data
for decision making. There are three broad areas of
data analytics.
\.Descriptive Analytics - ANSWERS✔-describe what has happened in the past.
\.Predictive Analytics - ANSWERS✔-uses statistical models from
past data to predict the future [forecasting] or access
the impact of one variable on another [inference].
\.Prescriptive Analytics - ANSWERS✔-uses models seeking to find a best (optimal)
solution. Often these are sometype of optimization model.
\.The difference between data and big data are - ANSWERS✔-We will use data
(not big data)
1. Volume - the number of observations.
2. Velocity - the speed at which data is collected.
3. Variety - the forms of data are of different types.
4. Veracity - the reliability of the data generated.
, \.Data Mining - ANSWERS✔-Focuses on extracting predictive information from big
data.
\.Frequency Distribution - ANSWERS✔-a tabular summary of datashowing the
number (i.e. frequency) of observationsin each of several non over-lapping
categories.
\.Relative Frequency - ANSWERS✔-frequency of a class/ n of a class
\.Percent Frequency - ANSWERS✔-relative frequency x 100
\.Bar Chart: - ANSWERS✔-a visual display of frequency; relative
frequency & percent frequency distributions.
\.How would you make a frequency table in excel? - ANSWERS✔-a. Select any cell
in Column A
b. Click Insert on the Ribbon Tab
c. In Tables, click Recommend Pivot Tables
d. Click OK.
\.pie chart - ANSWERS✔-a visual display of frequency; relative frequency &
percent frequency distributions.
QUESTIONS AND 100% CORRECT
ANSWERS
\.Dataset - ANSWERS✔-all the data collected for a particular analysis
\.Data - ANSWERS✔-The facts & figures collected, analyzed, and summarized for
presentation and interpretation.
\.Element - ANSWERS✔-The entity on which data is collected.
\.Variable - ANSWERS✔-a characteristic of interest of an element.
\.Observation - ANSWERS✔-The variables associated with an individual element.
\.Categorical Data - ANSWERS✔-Use numeric or ordinal values of measurement of
categories.
\.Quantitative Data - ANSWERS✔-use numeric (quantitative) measures
,\.Cross-sectional Data - ANSWERS✔-data collected at a similar point in
time.
\.Time Series - ANSWERS✔-data collected over several time periods.
\.Panel Data - ANSWERS✔-combination of cross-sectional and time series data.
\.Descriptive Statistics - ANSWERS✔-Describes data or variables
\.Population - ANSWERS✔-Is the set of all data/variables of a statistical analysis.
\.Sample - ANSWERS✔-is a subset of the population
\.Statistical Inference: - ANSWERS✔-Uses data from a sample to make estimates
and test hypothesis about the characteristics of a population.
\.What does row 1 usually contain in Excel? - ANSWERS✔-Typically contains the
variable's names.
\.What does Column A usually contain in Excel? - ANSWERS✔-contains the
elements; and the rest of the
worksheet contains the data in the dataset.
,\.How do you calculate the mean in excel? - ANSWERS✔-=Average
\.How do you calculate the median in excel? - ANSWERS✔-=median
\.What is data analytics? - ANSWERS✔-the scientific process of transforming data
for decision making. There are three broad areas of
data analytics.
\.Descriptive Analytics - ANSWERS✔-describe what has happened in the past.
\.Predictive Analytics - ANSWERS✔-uses statistical models from
past data to predict the future [forecasting] or access
the impact of one variable on another [inference].
\.Prescriptive Analytics - ANSWERS✔-uses models seeking to find a best (optimal)
solution. Often these are sometype of optimization model.
\.The difference between data and big data are - ANSWERS✔-We will use data
(not big data)
1. Volume - the number of observations.
2. Velocity - the speed at which data is collected.
3. Variety - the forms of data are of different types.
4. Veracity - the reliability of the data generated.
, \.Data Mining - ANSWERS✔-Focuses on extracting predictive information from big
data.
\.Frequency Distribution - ANSWERS✔-a tabular summary of datashowing the
number (i.e. frequency) of observationsin each of several non over-lapping
categories.
\.Relative Frequency - ANSWERS✔-frequency of a class/ n of a class
\.Percent Frequency - ANSWERS✔-relative frequency x 100
\.Bar Chart: - ANSWERS✔-a visual display of frequency; relative
frequency & percent frequency distributions.
\.How would you make a frequency table in excel? - ANSWERS✔-a. Select any cell
in Column A
b. Click Insert on the Ribbon Tab
c. In Tables, click Recommend Pivot Tables
d. Click OK.
\.pie chart - ANSWERS✔-a visual display of frequency; relative frequency &
percent frequency distributions.
