UCF QMB 3200 Final Exam Verified Questions with Correct Answers Graded A+

UCF QMB 3200 Final Exam Verified Questions with Correct Answers Graded A+ Categorical Data Uses categories with specified characteristics. Ratio Data are continuous and have a natural zero point. Most business and economic data, such as dollars and time, fall into this category. Age, length of residency/time. Ordinal Data Can be ordered or ranked according to some relationship. Examples: Overall Satisfaction, Quality of Schools, Sport Rankings. Interval Data Interval data are ordinal but have constant differences between observations and have arbitrary zero points. Common examples are time and temperature. Time is relative to global location, and calendars have arbitrary starting dates (compare, for example, the standard Gregorian calendar with the Chinese calendar). Both the Fahrenheit and Celsius scales represent a specified measure of distance—degrees—but have arbitrary zero points. Credit Score. Frequency Distribution Table A frequency distribution is a table that shows the number of observations in each of several nonoverlapping groups. A graphical depiction of a frequency distribution in the form of a column chart is called a histogram. Frequency distributions and histograms summarize basic characteristics of data, such as where the data are centered and how broadly data are dispersed. Excel: Find Frequency Use COUNTIF(Range, Cell_reference). Range will be the category you are looking for and the reference can be the type in "quotations". i.e. =COUNTIF( A2:A31, "Male") Relative Frquency i = frequency of category i / n (total number of observations) Frequency Distributions and Histograms: Analysis Toolpak in Excel under the data analysis tab: -Select the Data tab -In the Analysis group, click Data Analysis -In the Data Analysis dialog, select Histogram and click OK -In the Histogram dialog window, specify the Input range and the Bin range -Click OK, and review the output table and histogram graph This will give you the Frequency distribution: -Select the entire distribution table -click Insert -Insert statistical chart -Select Histogram cumulative relative frequency Percentile kth percentile is a value at or below which at least k percent of the observations lie. The most common way to compute the kth percentile is to order the data values from smallest to largest and calculate the rank of the kth percentile using the formula below, where n is the number of observations. (NK/100)+0.5 Value of N= Number of observations Value of K= percentile (10th percentile = 10) Excel Percentile Function PERCENTILE.INC(array, k) Array: Cell Array K: Percentile in decimal form Excel Rank and Percentile Data Analysis Tool - Rank and Percentile -Select Range -Go to the desired Quartiles Quartiles break the data into four parts. The 25th percentile is called the first quartile, Upper Q1; the 50th percentile is called the second quartile, Upper Q2; the 75th percentile is called the third quartile, Upper Q3; and the 100th percentile is the fourth quartile, Upper Q4. Excel Quartiles QUARTILE.INC (array, quart) cross-tabulation table Use pivot table Excel MEAN =AVERAGE(data range) Median The measure of location that specifies the middle value when the data are arranged from least to greatest is the median. Half the data are below the median, and half the data are above it. For an odd number of observations, the median is the middle of the sorted numbers. For an even number of observations, the median is the mean of the two middle numbers. Excel MEDIAN =MEDIAN(data range) Midrange The midrange is the average of the largest and smallest values in the data set. The minimum and maximum values can be found using the Excel functions MIN(data range) and MAX(data range). Variance The computation of the variance depends on all the data. The larger the variance, the more the data are spread out from the mean and the more variability one can expect in the observations. The formula for the variance of a population is as follows, where Xi is the value of the ith item, N is the number of items in the population, and μ is the population mean. Excel Population Variance VAR.P(data range) Excel Population Standard Deviation STDEV.P(data range) Range