QMB 3200 QUANTITATIVE METHODS FOR
BUSINESS CERTIFICATION EXAM 2026
QUESTIONS WITH SOLUTIONS GRADED A+
◉ 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.
◉ 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
contains the variable's names.
◉ What does Column A usually contain in Excel?. Answer: 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: the scientific process of
transforming data
for decision making. There are three broad areas of
data analytics.
◉ Descriptive Analytics. Answer: describe what has happened 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
◉ 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
BUSINESS CERTIFICATION EXAM 2026
QUESTIONS WITH SOLUTIONS GRADED A+
◉ 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.
◉ 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
contains the variable's names.
◉ What does Column A usually contain in Excel?. Answer: 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: the scientific process of
transforming data
for decision making. There are three broad areas of
data analytics.
◉ Descriptive Analytics. Answer: describe what has happened 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
◉ 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
