QMB 3200 MIDTERM REVISION SUMMARY
data
the facts & figures collected, analyzed, & summarized for
presentation & interpretation
dataset
all the data collected for a particular analysis
element
the entity on which data is collected
variable
a characteristic of interest of an element
observation
the variables associated with an individual element
categorical data
uses numeric or ordinal values of measurement of categories
quantitative data
use numeric (quantitative) measures
cross-sectional
data collected at a similar point in time
time series
, data collected over several time periods
panel
combination of cross-sectional and time series data
descriptive statistics
describe data or variables
population
the set of all data/variables of a statistical analysis
sample
a subset of the population
statistical inference
uses data from a sample to make estimates & test hypothesis
about the characteristics of a population
predictive analytics
uses statistical models from past data to predict the future
(forecasting) or assess the impact of one variable on another
(inference)
prescriptive analytics
uses models seeking to find a best (optimal) solution; often
these are some type of optimization model
data mining
focuses on extracting predictive information from big data
data
the facts & figures collected, analyzed, & summarized for
presentation & interpretation
dataset
all the data collected for a particular analysis
element
the entity on which data is collected
variable
a characteristic of interest of an element
observation
the variables associated with an individual element
categorical data
uses numeric or ordinal values of measurement of categories
quantitative data
use numeric (quantitative) measures
cross-sectional
data collected at a similar point in time
time series
, data collected over several time periods
panel
combination of cross-sectional and time series data
descriptive statistics
describe data or variables
population
the set of all data/variables of a statistical analysis
sample
a subset of the population
statistical inference
uses data from a sample to make estimates & test hypothesis
about the characteristics of a population
predictive analytics
uses statistical models from past data to predict the future
(forecasting) or assess the impact of one variable on another
(inference)
prescriptive analytics
uses models seeking to find a best (optimal) solution; often
these are some type of optimization model
data mining
focuses on extracting predictive information from big data
