QMB Stacey brook
Dataset - Answer-all the data collected for a particular analysis
Data - Answer-The facts & figures collected, analyzed, and summarized for presentation and
interpretation.
Element - Answer-The entity on which data is collected.
Variable - Answer-a characteristic of interest of an element.
Observation - Answer-The variables associated with an individual element.
Categorical Data - Answer-Use numeric or ordinal values of measurement of categories.
Quantitative Data - Answer-use numeric (quantitative) measures
Cross-sectional Data - Answer-data collected at a similar point in
time.
,Time Series - Answer-data collected over several time periods.
Panel Data - Answer-combination of cross-sectional and time series data.
Descriptive Statistics - Answer-Describes data or variables
Population - Answer-Is the set of all data/variables of a statistical analysis.
Sample - Answer-is a subset of the population
Statistical Inference: - Answer-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? - Answer-Typically row 1 contains the variable's names.
What does Column A usually contain in Excel? - Answer-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? - Answer-=Average
How do you calculate the median in excel? - Answer-=median
What is data analytics? - Answer-Analytics is the scientific process of transforming data
for decision making. There are three broad areas of
,data analytics.
Descriptive Analytics - Answer-describe what hashappened in the past.
Predictive Analytics - Answer-uses statistical models from
past data to predict the future [forecasting] or access
the impact of one variable on another [inference].
Prescriptive Analytics - Answer-uses models seeking to find a best (optimal) solution. Often these are
sometype of optimization model.
The difference between data and big data are - Answer-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 - Answer-Focuses on extracting predictive information from big
data.
Frequency Distribution - Answer-a tabular summary of datashowing the number (i.e. frequency) of
observationsin each of several non over-lapping categories.
Relative Frequency - Answer-frequency of a class/ n of a class
Percent Frequency - Answer-relative frequency x 100
, Bar Chart: - Answer-a visual display of frequency; relative
frequency & percent frequency distributions.
How would you make a frequency table in excel? - Answer-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 - Answer-a visual display of frequency; relative frequency & percent frequency distributions.
How would you create a bar chart in excel? - Answer-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? - Answer-Access the data, Functions & formulas, Apply tools,
Editing options
A frequency distribution with quantitative data mustdefine the classes for a frequency distribution by: -
Answer-a. determine the number of non over-lapping
classes;
b. determine the width of each class;
c. determine the class limits.
Number of Classes - Answer-Typically, between 5 and 20. Small datasets have less; larger datasets have
more.
Dataset - Answer-all the data collected for a particular analysis
Data - Answer-The facts & figures collected, analyzed, and summarized for presentation and
interpretation.
Element - Answer-The entity on which data is collected.
Variable - Answer-a characteristic of interest of an element.
Observation - Answer-The variables associated with an individual element.
Categorical Data - Answer-Use numeric or ordinal values of measurement of categories.
Quantitative Data - Answer-use numeric (quantitative) measures
Cross-sectional Data - Answer-data collected at a similar point in
time.
,Time Series - Answer-data collected over several time periods.
Panel Data - Answer-combination of cross-sectional and time series data.
Descriptive Statistics - Answer-Describes data or variables
Population - Answer-Is the set of all data/variables of a statistical analysis.
Sample - Answer-is a subset of the population
Statistical Inference: - Answer-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? - Answer-Typically row 1 contains the variable's names.
What does Column A usually contain in Excel? - Answer-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? - Answer-=Average
How do you calculate the median in excel? - Answer-=median
What is data analytics? - Answer-Analytics is the scientific process of transforming data
for decision making. There are three broad areas of
,data analytics.
Descriptive Analytics - Answer-describe what hashappened in the past.
Predictive Analytics - Answer-uses statistical models from
past data to predict the future [forecasting] or access
the impact of one variable on another [inference].
Prescriptive Analytics - Answer-uses models seeking to find a best (optimal) solution. Often these are
sometype of optimization model.
The difference between data and big data are - Answer-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 - Answer-Focuses on extracting predictive information from big
data.
Frequency Distribution - Answer-a tabular summary of datashowing the number (i.e. frequency) of
observationsin each of several non over-lapping categories.
Relative Frequency - Answer-frequency of a class/ n of a class
Percent Frequency - Answer-relative frequency x 100
, Bar Chart: - Answer-a visual display of frequency; relative
frequency & percent frequency distributions.
How would you make a frequency table in excel? - Answer-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 - Answer-a visual display of frequency; relative frequency & percent frequency distributions.
How would you create a bar chart in excel? - Answer-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? - Answer-Access the data, Functions & formulas, Apply tools,
Editing options
A frequency distribution with quantitative data mustdefine the classes for a frequency distribution by: -
Answer-a. determine the number of non over-lapping
classes;
b. determine the width of each class;
c. determine the class limits.
Number of Classes - Answer-Typically, between 5 and 20. Small datasets have less; larger datasets have
more.
