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UCF QMB3200 MIDTERM STUDY QUESTIONS AND ANSWERS / LATEST
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UCF QMB3200 MIDTERM STUDY QUESTIONS AND ANSWERS / LATEST
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UCF QMB3200 MIDTERM STUDYAnalytics - ANSWERS-the scientific process of transforming data into insight for
making better decisions
Descriptive Analytics - ANSWERS-Analytical techniques that describe what has
happened in the past.
Predictive Analytics - ANSWERS-Analytical techniques that use models
constructed from past data to predict the future or assess the impact of one
variable on another.
Prescriptive Analytics - ANSWERS-Analytical techniques that yield a course of
action.
Big Data - ANSWERS-A set of data that cannot be managed, processed, or
analyzed with commonly available software in a reasonable amount of time. Big
Data are characterized by 4 v's: volume, velocity, variety, and veracity.
Data Mining - ANSWERS-The process of using procedures from statistics and
computer science to extract useful information from extremely large databases.
Frequency Distribution - ANSWERS-A tabular summary of data showing the
number (frequency) of observations in each of several nonoverlapping categories
or classes.
, Relative Frequency Distribution - ANSWERS-A tabular summary of data showing
the fraction or proportion of observations in each of several nonoverlapping
categories or classes.
Percent Frequency Distribution - ANSWERS-A tabular summary of data showing
the percentage of observations in each of several nonoverlapping classes.
Bar Chart - ANSWERS-A graphical device for depicting categorical data that have
been summarized in a frequency, relative frequency, or percent frequency
distribution.
Pie Chart - ANSWERS-A graphical device for presenting data summaries based on
subdivision of a circle into sectors that correspond to the relative frequency for
each class.
Class Midpoint - ANSWERS-the value halfway between the lower and upper class
limits
Dot Plot - ANSWERS-a graphical device that summarizes data by the number of
dots above each data value on the horizontal axis
Histogram - ANSWERS-A graphical display of a frequency distribution, relative
frequency distribution, or percent frequency distribution of quantitative data
constructed by placing the class intervals on the horizontal axis and the
frequencies, relative frequencies, or percent frequencies on the vertical axis.
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