UCF FINAL QMB 3200 STACEY BROOK
SUMMER '25 EXAM QUESTIONS AND
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.
,UCF FINAL QMB 3200 STACEY BROOK
SUMMER '25 EXAM QUESTIONS AND
ANSWERS
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.
,UCF FINAL QMB 3200 STACEY BROOK
SUMMER '25 EXAM QUESTIONS AND
ANSWERS
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?
, UCF FINAL QMB 3200 STACEY BROOK
SUMMER '25 EXAM QUESTIONS AND
ANSWERS
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.
SUMMER '25 EXAM QUESTIONS AND
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.
,UCF FINAL QMB 3200 STACEY BROOK
SUMMER '25 EXAM QUESTIONS AND
ANSWERS
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.
,UCF FINAL QMB 3200 STACEY BROOK
SUMMER '25 EXAM QUESTIONS AND
ANSWERS
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?
, UCF FINAL QMB 3200 STACEY BROOK
SUMMER '25 EXAM QUESTIONS AND
ANSWERS
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.
