UCF FINAL QMB 3200 STACEY BROOK SUMMER '23 - IMPORTANT INFO IN FIRST FLASHCARD WITH COMPLETE SOLUTIONS

IMPORTANT PRACTICE TEST INFORMATION!!!! This may be even more helpful than this quizlet!!!! In mindtap go to the left-hand toolbar, select courses, and select this course. You should see a dashboard with the chapters on the left and your recent homework scores on the right. Then on chapter 1 click the down arrow to display all of the sub categories. You should see the last sub category it is chapter 1 review and assignments- click on this then click chapter 1 test prep. This will take you to a page where you can create your own test! What you should do is go to the modules- he lists the textbook sections to read- select these sections on the practice test- only practice conceptual questions. These questions are confusing and difficult so far- so it seems like the perfect way to practice!!! Manifesting amazing grades for you all and good luck! Dataset all the data collected for a particular analysis Data The facts & figures collected, analyzed, and summarized for presentation and interpretation. Element The entity on which data is collected. Variable a characteristic of interest of an element. Observation The variables associated with an individual element. Categorical Data Use numeric or ordinal values of measurement of categories. Quantitative Data use numeric (quantitative) measures Cross-sectional Data data collected at a similar point in time. Time Series data collected over several time periods. Panel Data combination of cross-sectional and time series data. Descriptive Statistics Describes data or variables Population Is the set of all data/variables of a statistical analysis. Sample is a subset of the population Statistical Inference: 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? Typically row 1 contains the variable's names. What does Column A usually contain in Excel? Column A contains the elements; and the rest of the worksheet contains the data in the dataset. How do you calculate the mean in excel? =Average How do you calculate the median in excel? =median What is data analytics? Analytics is the scientific process of transforming data for decision making. There are three broad areas of data analytics. Descriptive Analytics describe what hashappened in the past. Predictive Analytics uses statistical models from past data to predict the future [forecasting] or access the impact of one variable on another [inference]. Prescriptive Analytics uses models seeking to find a best (optimal) solution. Often these are sometype of optimization model. The difference between data and big data are 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 Focuses on extracting predictive information from big data. Frequency Distribution a tabular summary of datashowing the number (i.e. frequency) of observationsin each of several non over-lapping categories. Relative Frequency frequency of a class/ n of a class Percent Frequency relative frequency x 100 Bar Chart: a visual display of frequency; relative frequency & percent frequency distributions. How would you make a frequency table in excel? a. Select any cell in Column A b. Click Insert on the Ribbon Tab c. In Tables, click Recommend Pivot Tables d. Click OK. pie chart a visual display of frequency; relative frequency & percent frequency distributions. How would you create a bar chart in excel? a. Select any cell from A1 to A51. b. Click the Insert tab from the Ribbon. c. In Charts, click Recommended Charts d. Click OK. [bar chart appears in a new worksheet] What are the basic steps to using excel? Access the data, Functions & formulas, Apply tools, Editing options A frequency distribution with quantitative data mustdefine the classes for a frequency distribution by: a. determine the number of non over-lapping classes; b. determine the width of each class; c. determine the class limits. Number of Classes Typically, between 5 and 20. Small datasets have less; larger datasets have more. Width of the Class Generally, it should be the same for each class. Approximate class width = (largest data value - smallest data value)/number of classes. Class Limits Each data observation must only belong to one class. Relative Frequency Distributions frequency of theclass/n To construct a frequency distribution in excel we must group the rows. What if a class has no data? [Excel automaticallyremoves these classes] To change this:Click the Layout and Print tab Choose show items with no data; click OK Histogram A visual display of a frequency, relative frequency, or percent frequency distribution, where the variable of interest is on the horizontal axis and the frequency, relative frequency, or percent frequency is on the vertical axis. A histogram shows A histogram shows the shape of the distribution of the variable of interest. A distribution is skewed if more of the data is either