QMB3200 UCF Final Spring 2024 100% Verified

QMB3200 UCF Final Spring 2024 100% Verified Data - answerThe facts and figures collected, analyzed, and summarized for presentation and interpretation. Dataset - answerAll the data collected for a particular analysis. Element - answerThe entity on which data is collected. Variable - answerA characteristic of interest of an element. Observation - answerThe variables associated with an individual element. Categorical - answerUse numeric or ordinal values of measurement of categories. Quantitative - answerUse numeric (quantitative) measures. Cross-sectional - answerData collected at a similar point in time. Time Series - answerData collected over several time periods Panel - answerCombination of cross-sectional and time series. Descriptive Statistics - answerDescribe data or variables Population - answerThe set of all data/variables of a statistical analysis. Sample - answerA subset of the population. Statistical Inference - answerUses data from a sample to make estimates and test hypothesis about the characteristics of a population. Descriptive Analytics - answerDescribe what has happened in the past. Predictive Analytics - answerUses statistical models from past data to predict the future (forecasting) or access the impact of one variable on another (inference). Prescriptive Analytics - answerUses models seeking to find a best (optimal) solution. Often these are some time of optimization model. Volume - answerThe number of observations Velocity - answerThe speed at which data is collected. Variety - answerThe forms of data are of different types. Veracity - answerThe reliability of the data generated. Data Mining - answerFocuses on extracting predictive information from big data. Big Data - answerA 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. Frequency Distribution - answerA tabular summary of data showing the number (frequency) of observations in each of several non over-lapping categories. Relative Frequency - answerFrequency of a class/n of a class Percent Frequency - answerRelative frequency * 100 Bar Chart - answerA visual display of frequency; relative frequency and percent frequency distributions. Usually for categorical data. Pie Chart - answerA visual display of frequency; relative frequency and percent frequency distributions. Usually for categorical data. Number of classes - answerTypically, between 5 and 20. Small datasets have less; larger datasets have more. Width of the class - answerGenerally, it should be the same for each class. Approximate class width = (largest data value - smallest data value)/number of classes. Class Limits - answereach data observation must only belong to one class Relative Frequency Distributions - answerFrequency of the class/n Histogram - answerA visual display of a frequency, relative frequency, or percent frequency distribution, where the variable of interest is on the horizontal axis and the frequency is on the vertical axis. It shows the shape of the distribution of the variable of interest. Cumulative Distribution - answerPresents the number of data items with values less than or equal to the upper class limit for each class. Crosstabulation - answerA tabular summary of data for two variables (either categorical or quantitative)