QMB 3200 Final UCF UPDATED ACTUAL
Questions and CORRECT Answers
Cross-sectional data - CORRECT ANSWER- ✔✔Data collected at the same or
approximately the same point in time.
Time series data - CORRECT ANSWER- ✔✔Data collected over several time periods.
Observation - CORRECT ANSWER- ✔✔is the set of measurements obtained for each
element in a data set.
Data - CORRECT ANSWER- ✔✔can be obtained from existing sources, by conducting an
observational study, or by conducting an experiment.
observational study - CORRECT ANSWER- ✔✔we simply observe what is happening in a
particular situation, record data on one or more variables of interest, and conduct a statistical
analysis of the resulting data.
experiment - CORRECT ANSWER- ✔✔is conducted under controlled conditions
descriptive statistics - CORRECT ANSWER- ✔✔Tabular, graphical, and numerical
summaries of data.
population - CORRECT ANSWER- ✔✔The set of all elements of interest in a particular
study.
sample - CORRECT ANSWER- ✔✔A subset of the population.
census - CORRECT ANSWER- ✔✔A survey to collect data on the entire population.
sample survey - CORRECT ANSWER- ✔✔A survey to collect data on a sample.
, statistical inference - CORRECT ANSWER- ✔✔The process of using data obtained from a
sample to make estimates or test hypotheses about the characteristics of a population.
Analytics - CORRECT ANSWER- ✔✔The scientific process of transforming data into
insights for making better decisions.
Descriptive analytics - CORRECT ANSWER- ✔✔Analytical techniques that describe what
has happened in the past.
Predictive analytics - CORRECT ANSWER- ✔✔Analytical techniques that use models
constructed from past data to predict the future or assess the impact of one variable on
another.
prescriptive analytics - CORRECT ANSWER- ✔✔Analytical techniques that yield a course
of action.
big data - CORRECT ANSWER- ✔✔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 great volume (a large amount of data), high velocity (fast collection and
processing), or wide variety (could include nontraditional data such as video, audio, and text).
data mining - CORRECT ANSWER- ✔✔The process of using procedures from statistics and
computer science to extract useful information from extremely large databases.
Boxplot - CORRECT ANSWER- ✔✔A graphical summary of data based on a five-number
summary.
Chebyshev's theorem - CORRECT ANSWER- ✔✔A theorem that can be used to make
statements about the proportion of data values that must be within a specified number of
standard deviations of the mean.
Coefficient of variation - CORRECT ANSWER- ✔✔A measure of relative variability
computed by dividing the standard deviation by the mean and multiplying by 100.
Questions and CORRECT Answers
Cross-sectional data - CORRECT ANSWER- ✔✔Data collected at the same or
approximately the same point in time.
Time series data - CORRECT ANSWER- ✔✔Data collected over several time periods.
Observation - CORRECT ANSWER- ✔✔is the set of measurements obtained for each
element in a data set.
Data - CORRECT ANSWER- ✔✔can be obtained from existing sources, by conducting an
observational study, or by conducting an experiment.
observational study - CORRECT ANSWER- ✔✔we simply observe what is happening in a
particular situation, record data on one or more variables of interest, and conduct a statistical
analysis of the resulting data.
experiment - CORRECT ANSWER- ✔✔is conducted under controlled conditions
descriptive statistics - CORRECT ANSWER- ✔✔Tabular, graphical, and numerical
summaries of data.
population - CORRECT ANSWER- ✔✔The set of all elements of interest in a particular
study.
sample - CORRECT ANSWER- ✔✔A subset of the population.
census - CORRECT ANSWER- ✔✔A survey to collect data on the entire population.
sample survey - CORRECT ANSWER- ✔✔A survey to collect data on a sample.
, statistical inference - CORRECT ANSWER- ✔✔The process of using data obtained from a
sample to make estimates or test hypotheses about the characteristics of a population.
Analytics - CORRECT ANSWER- ✔✔The scientific process of transforming data into
insights for making better decisions.
Descriptive analytics - CORRECT ANSWER- ✔✔Analytical techniques that describe what
has happened in the past.
Predictive analytics - CORRECT ANSWER- ✔✔Analytical techniques that use models
constructed from past data to predict the future or assess the impact of one variable on
another.
prescriptive analytics - CORRECT ANSWER- ✔✔Analytical techniques that yield a course
of action.
big data - CORRECT ANSWER- ✔✔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 great volume (a large amount of data), high velocity (fast collection and
processing), or wide variety (could include nontraditional data such as video, audio, and text).
data mining - CORRECT ANSWER- ✔✔The process of using procedures from statistics and
computer science to extract useful information from extremely large databases.
Boxplot - CORRECT ANSWER- ✔✔A graphical summary of data based on a five-number
summary.
Chebyshev's theorem - CORRECT ANSWER- ✔✔A theorem that can be used to make
statements about the proportion of data values that must be within a specified number of
standard deviations of the mean.
Coefficient of variation - CORRECT ANSWER- ✔✔A measure of relative variability
computed by dividing the standard deviation by the mean and multiplying by 100.
