QMB3200 Midterm Exam Study Guide Vocab Chapters 1-6 100% Verified

QMB3200 Midterm Exam Study Guide Vocab Chapters 1-6 100% Verified Data - answerthe facts & 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 data. Descriptive Statistics - answerdescribe data or variables. Population - answeris the set of all data/variables of a statistical analysis. Sample - answeris a 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 - answerwhich describe 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 type of optimization model. The difference between data and big data are - answerVolume, Velocity, Variety, Veracity