UCF FINAL QMB 3200 STACEY BROOK SUMMER UPDATED ACTUAL Questions and CORRECT Answers
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Course
QMB 3200
Institution
QMB 3200
UCF FINAL QMB 3200 STACEY BROOK
SUMMER UPDATED ACTUAL Questions
and CORRECT Answers
Dataset - CORRECT ANSWER- all the data collected for a particular analysis
Data - CORRECT ANSWER- The facts & figures collected, analyzed, and summarized
for presentation and interpretation.
Element - CORRE...
UCF FINAL QMB 3200 STACEY BROOK
SUMMER UPDATED ACTUAL Questions
and CORRECT Answers
Dataset - CORRECT ANSWER- ✔✔all the data collected for a particular analysis
Data - CORRECT ANSWER- ✔✔The facts & figures collected, analyzed, and summarized
for presentation and interpretation.
Element - CORRECT ANSWER- ✔✔The entity on which data is collected.
Variable - CORRECT ANSWER- ✔✔a characteristic of interest of an element.
Observation - CORRECT ANSWER- ✔✔The variables associated with an individual
element.
Categorical Data - CORRECT ANSWER- ✔✔Use numeric or ordinal values of measurement
of categories.
Quantitative Data - CORRECT ANSWER- ✔✔use numeric (quantitative) measures
Cross-sectional Data - CORRECT ANSWER- ✔✔data collected at a similar point in
time.
Time Series - CORRECT ANSWER- ✔✔data collected over several time periods.
Panel Data - CORRECT ANSWER- ✔✔combination of cross-sectional and time series data.
Descriptive Statistics - CORRECT ANSWER- ✔✔Describes data or variables
,Population - CORRECT ANSWER- ✔✔Is the set of all data/variables of a statistical analysis.
Sample - CORRECT ANSWER- ✔✔is a subset of the population
Statistical Inference: - CORRECT ANSWER- ✔✔Uses data from a sample to make estimates
and test hypothesis about the characteristics of a population.
Typically row 1 contains the variable's names. - CORRECT ANSWER- ✔✔What does row 1
usually contain in Excel?
=AVERAGE(range) - CORRECT ANSWER- ✔✔How do you calculate the mean in excel?
Column A contains the elements; and the rest of the
worksheet contains the data in the dataset. - CORRECT ANSWER- ✔✔What does Column A
usually contain in Excel?
=MEDIAN(range) - CORRECT ANSWER- ✔✔How do you calculate the median in excel?
Analytics is the scientific process of transforming data
for decision making. There are three broad areas of
data analytics. - CORRECT ANSWER- ✔✔What is data analytics?
Descriptive Analytics - CORRECT ANSWER- ✔✔describes what has happened in the past
Predictive Analytics - CORRECT ANSWER- ✔✔uses statistical models from past data to
predict the future [forecasting] or access the impact of one variable on another [inference].
Prescriptive Analytics - CORRECT ANSWER- ✔✔uses models seeking to find a best
(optimal) solution. Often these are sometype of optimization model.
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. - CORRECT ANSWER- ✔✔The difference
between data and big data are
Data Mining - CORRECT ANSWER- ✔✔Focuses on extracting predictive information from
big
data.
Frequency Distribution - CORRECT ANSWER- ✔✔a tabular summary of datashowing the
number (i.e. frequency) of observationsin each of several non over-lapping categories.
Relative Frequency - CORRECT ANSWER- ✔✔frequency of a class/ n of a class
Percent Frequency - CORRECT ANSWER- ✔✔relative frequency x 100
Bar Chart - CORRECT ANSWER- ✔✔a visual display of frequency; relative frequency &
percent frequency distributions.
a. Select any cell in Column A
b. Click Insert on the Ribbon Tab
c. In Tables, click Recommend Pivot Tables
d. Click OK. - CORRECT ANSWER- ✔✔How would you make a frequency table in excel?
Pie Chart - CORRECT ANSWER- ✔✔a visual display of frequency; relative frequency &
percent frequency distributions.
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] - CORRECT ANSWER- ✔✔How would
you create a bar chart in excel?
a. Access the data
b. Functions & formulas
c. Apply tools
d. Editing options - CORRECT ANSWER- ✔✔What are the basic steps to using excel?
a. determine the number of non over-lapping
classes;
b. determine the width of each class;
c. determine the class limits. - CORRECT ANSWER- ✔✔A frequency distribution with
quantitative data mustdefine the classes for a frequency distribution by...
Number of Classes - CORRECT ANSWER- ✔✔Typically, between 5 and 20. Small datasets
have less; larger datasets have more.
Width of the Class - CORRECT ANSWER- ✔✔Generally, it should be the same for each
class. Approximate class width = (largest data value - smallest data value)/number of classes.
Class Limits - CORRECT ANSWER- ✔✔Each data observation must only belong to one
class.
Relative Frequency Distributions - CORRECT ANSWER- ✔✔frequency of the class/n
we must group the rows - CORRECT ANSWER- ✔✔To construct a frequency distribution in
excel...
[Excel automaticallyremoves these classes]
To change this:Click the Layout and Print tab
Choose show items with no data; click OK - CORRECT ANSWER- ✔✔What if a class has
no data?
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