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Qmb stacey brook Exam Study Guide Solutions Manifesting amazing grades for you all and good luck! Dataset - ANSWER-all the data collected for a particular analysis Data - ANSWER-The facts & figures collected, analyzed, and summarized for presentation and interpretation. Element - ANSWER-The e...

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  • November 4, 2024
  • 34
  • 2024/2025
  • Exam (elaborations)
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Qmb stacey brook Exam Study Guide

Solutions


Manifesting amazing grades for you all and good luck!


Dataset - ANSWER✔✔-all the data collected for a particular analysis


Data - ANSWER✔✔-The facts & figures collected, analyzed, and summarized for presentation and

interpretation.


Element - ANSWER✔✔-The entity on which data is collected.


Variable - ANSWER✔✔-a characteristic of interest of an element.


Observation - ANSWER✔✔-The variables associated with an individual element.


Categorical Data - ANSWER✔✔-Use numeric or ordinal values of measurement of categories.


Quantitative Data - ANSWER✔✔-use numeric (quantitative) measures


Cross-sectional Data - ANSWER✔✔-data collected at a similar point in


time.


Time Series - ANSWER✔✔-data collected over several time periods.

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Panel Data - ANSWER✔✔-combination of cross-sectional and time series data.


Descriptive Statistics - ANSWER✔✔-Describes data or variables


Population - ANSWER✔✔-Is the set of all data/variables of a statistical analysis.


Sample - ANSWER✔✔-is a subset of the population


Statistical Inference: - ANSWER✔✔-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? - ANSWER✔✔-Typically row 1 contains the variable's names.


What does Column A usually contain in Excel? - ANSWER✔✔-Column A contains the elements; and the

rest of the


worksheet contains the data in the dataset.


How do you calculate the mean in excel? - ANSWER✔✔-=Average


How do you calculate the median in excel? - ANSWER✔✔-=median


What is data analytics? - ANSWER✔✔-Analytics is the scientific process of transforming data


for decision making. There are three broad areas of


data analytics.




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Descriptive Analytics - ANSWER✔✔-describe what hashappened in the past.


Predictive Analytics - ANSWER✔✔-uses statistical models from


past data to predict the future [forecasting] or access


the impact of one variable on another [inference].


Prescriptive Analytics - ANSWER✔✔-uses models seeking to find a best (optimal) solution. Often these

are sometype of optimization model.


The difference between data and big data are - ANSWER✔✔-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 - ANSWER✔✔-Focuses on extracting predictive information from big


data.


Frequency Distribution - ANSWER✔✔-a tabular summary of datashowing the number (i.e. frequency) of

observationsin each of several non over-lapping categories.


Relative Frequency - ANSWER✔✔-frequency of a class/ n of a class

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Percent Frequency - ANSWER✔✔-relative frequency x 100


Bar Chart: - ANSWER✔✔-a visual display of frequency; relative


frequency & percent frequency distributions.


How would you make a frequency table in excel? - ANSWER✔✔-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 - ANSWER✔✔-a visual display of frequency; relative frequency & percent frequency

distributions.


How would you create a bar chart in excel? - ANSWER✔✔-a. Select any cell from A1 to A51.


b. Click the Insert tab from the Ribbon.


c. In Charts, click Recommended Charts


d. Click OK. [bar chart appears in a new worksheet]


What are the basic steps to using excel? - ANSWER✔✔-Access the data, Functions & formulas, Apply

tools, Editing options




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