QMB 3200 - UCF FINAL STUDY FLASHCARDS - MODULE 2 - 4 QUESTIONS AND ANSWERS

Analytics is the scientific process of transforming data for decision making. There are three broad areas of data analytics. Descriptive Analytics which describes what has happened in the past. 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 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 Frequency Distribution a tabular summary of data showing the number (i.e. frequency) of observations in each of several non overlapping categories. Relative Frequency frequency of a class/ n of a class Percent Frequency relative frequency * 100 Bar Chart a visual display of frequency; relative frequency & percent frequency distributions. Pie Chart a visual display of frequency; relative frequency & percent frequency distributions. Number of Classes Typically, between 5 and 20. Small datasets have less; larger datasets have more. Width of the Class Generally, it should be the same for each class. Approximate class width = (largest data value - smallest data value)/number of classes. Class Limits each data observation must only belong to one class. Relative Frequency Distributions frequency of the class / n. Histogram shows the shape of the distribution of the variable of interest. A visual display of a frequency, relative frequency or percent frequency distribution, where the variable of interest is on the horizontal axis and the frequency, relative frequency or percent frequency is on the vertical axis. Skewed What a distribution is if more of the data is either to the left or right of the distribution. Cumulative Distributions Presents the number of data items with values less than or equal to the upper class limit for each class. Add up all observations Cumulative relative frequency distribution shows the proportion of data items with values less than or equal to the upper limit of each class. Cumulative percent frequency distribution shows the percentage of data items with values less than or equal to the upper limit of each class Crosstabulation a tabular summary of data for two variables (either categorical or quantitative). Scatter Diagram & Trendline a scatter diagram is a graphical display of the relationship between two quantitative variables and a trendline provides an approximation (i.e. an estimate) of the relationship; which can be positive, negative or none. side-by-side bar chart depicts multiple bar charts on the same display. stacked bar chart has one bar broken into segments of a different color showing the relative frequency of each class. Mean (or average) is the average value for a variable and the sample mean is denoted as ̅