QMB 3200 Exam Verified Questions with Correct Answers Graded A+

QMB 3200 Exam Verified Questions with Correct Answers Graded A+ Data facts and figures collected, analyzed, or summarized Dataset all the data collected in an analysis Element the entity on which data is collected Variable characteristic of interest of an element Observation all variables associated Categorical numeric or ordinal values of measurement Quantitative uses numeric measures Cross Sectional data collected at a similar point in time Time Series data collected over a series of time periods Panel combination of cross sectional and time series data Descriptive Staistics describes the data or variables Population set of all data/variables n statistical analysis Sample subset of the population Statistical inference uses data from a sample to make estimates and test hypothesis about the characteristics of a population Descriptive Analytics describes what has happened in the past Predictive Analytics statistical models from he pas to predict the future or access the impact of one variable on another Prescriptive Analytics uses models seeking to find an optimal solution (type of optimization model) Volume number of observations Velocity speed data is collected Variety forms of data are of different types Veracity reliability of the data generated Data Mining focuses on extracting predictive information from Big Data Frequency Distribution tabular summary of data showing the number of observations in each of several non overlapping categories Percent Frequency relative frequency * 100 Relative Frequency (frequency of class)/(n) cumulative relative frequency shows the proportion of items with values less than or equal to the upper limit of each class cumulative percentage shows the percent of data with values less than or equal to the upper limit Crosstabulation a tabular summary of data for two variables Mean average =average(B:B) Median middle value =median(B:B) Mode value with greatest frequency =(B:B:) Weighted Mean used when observations have different weights Geometric Mean measure of location by finding the nth root of product of n values =geomean(C:C) Percentile provides information about how data is spread over the interval from smallest to largest Excel: =(/100) Quartile represents how data is spread over four parts each containing 25% of observations Excel: = () Variance measures variability using all the data =var.s(B:B) Range largest and smallest values Covariance descriptive measure of the linear association between two variables =covariance.s(B:B,C:C) Interquartile Range