QMB 3200 Midterm UCF EXAM
Questions and Answers (Verified
Answers) (Latest Update 2026) UPDATE!!
data def
Facts and figures collected, analyzed, and summarized for presentation and
interpretation.
variable def
A characteristic of interest measured on an element. Example: GDP, Fitch rating,
starting salary. (ONE COLUMN OF DATA)
Dataset def
All the data collected for a particular analysis
Element
The entity on which data is collected. Example: a country, a person, a company.
Observation
A combination of an element and all its associated variable values — (ONE ROW OF
DATA)
Quantitative variable
A variable whose values are numbers where arithmetic makes sense. Example: per
capita GDP.
Categorical variable
A variable whose values are labels or names, not quantities. Example: Fitch outlook
(Positive/Stable/Negative), WTO status
,Ordinal data
Categorical data with a meaningful order or ranking. Example: Fitch ratings (AAA is
better than AA)
Cross-sectional data
Data collected from multiple entities at approximately the same point in time
Time Series Data
Data from one entity over time
Panel Data
Multiple entities tracked over time (combination of both time series and cross sectional)
Descriptive Statistics
Summarizing existing data (mean,charts,median,tables)
Statistical Inference
Using sample data to draw conclusions about a population (involves uncertainty)
Descriptive Analytics
Describes what happened in the past
Predictive Analytics
uses past data Predicts future (forecast) outcomes and assess the impacts of one
variable on another (inference)
Prescriptive Analytics
Finds best solution (NOT covered)
Frequency
Count of occurrences
Relative Frequency
, Frequency ÷ total (must sum to 1)
Percent Frequency
Relative frequency × 100
Cumulative Distribution
Total values ≤ a given point
Crosstabulation
Table for two variables(either categorical or quantitative)
Scatter Diagram
Graph of two quantitative variables
Trendline
Line showing relationship in scatter plot
Mean
Average (sum ÷ n)
Median
Middle value (not affected by outliers)
Mode
the most frequently occurring score(s) in a distribution
Weighted Mean
Mean with weights (ex: GPA)
Geometric Mean
the mean of n numbers expressed as the n-th root of their product
Geometric Mean used for
growth rates
Questions and Answers (Verified
Answers) (Latest Update 2026) UPDATE!!
data def
Facts and figures collected, analyzed, and summarized for presentation and
interpretation.
variable def
A characteristic of interest measured on an element. Example: GDP, Fitch rating,
starting salary. (ONE COLUMN OF DATA)
Dataset def
All the data collected for a particular analysis
Element
The entity on which data is collected. Example: a country, a person, a company.
Observation
A combination of an element and all its associated variable values — (ONE ROW OF
DATA)
Quantitative variable
A variable whose values are numbers where arithmetic makes sense. Example: per
capita GDP.
Categorical variable
A variable whose values are labels or names, not quantities. Example: Fitch outlook
(Positive/Stable/Negative), WTO status
,Ordinal data
Categorical data with a meaningful order or ranking. Example: Fitch ratings (AAA is
better than AA)
Cross-sectional data
Data collected from multiple entities at approximately the same point in time
Time Series Data
Data from one entity over time
Panel Data
Multiple entities tracked over time (combination of both time series and cross sectional)
Descriptive Statistics
Summarizing existing data (mean,charts,median,tables)
Statistical Inference
Using sample data to draw conclusions about a population (involves uncertainty)
Descriptive Analytics
Describes what happened in the past
Predictive Analytics
uses past data Predicts future (forecast) outcomes and assess the impacts of one
variable on another (inference)
Prescriptive Analytics
Finds best solution (NOT covered)
Frequency
Count of occurrences
Relative Frequency
, Frequency ÷ total (must sum to 1)
Percent Frequency
Relative frequency × 100
Cumulative Distribution
Total values ≤ a given point
Crosstabulation
Table for two variables(either categorical or quantitative)
Scatter Diagram
Graph of two quantitative variables
Trendline
Line showing relationship in scatter plot
Mean
Average (sum ÷ n)
Median
Middle value (not affected by outliers)
Mode
the most frequently occurring score(s) in a distribution
Weighted Mean
Mean with weights (ex: GPA)
Geometric Mean
the mean of n numbers expressed as the n-th root of their product
Geometric Mean used for
growth rates
