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UCF QMB 3200 Final Exam Questions and Correct Detailed Answers (Verified Answers)

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Doubling the size of the sample will reduce the standard error of the mean The sample mean is the point estimator of U A simple random sample of size n from an infinite population of size N is to be selected. Each possible sample should have the same probability of being selected Which of the following statements regarding the sampling distribution of sample means is incorrect? pg. 1 Click here-Nclex - Stuvia US The standard deviation of the sampling distribution is the standard deviation of the population. A simple random sample of size n from an infinite population is a sample selected such that each element is selected independently and is selected from the same population The fact that the sampling distribution of sample means can be approximated by a normal probability distribution whenever the sample size becomes large is based on the central limit theorem. Cluster sampling is pg. 2 Click here-Nclex - Stuvia US a probability sampling method. The central limit theorem states that if the sample size n is large, then the sampling distribution of the sample mean can be approximated by a normal distribution. The value of the _____ is used to estimate the value of the population parameter sample statistic The sampling distribution of is the probability distribution of all possible values of the sample proportion.

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Click here- Nclex - Stuvia US


UCF QMB3200 Midterm Study Questions
and Correct Detailed Answers (Verified
Answers)
Analytics


✓✓ the scientific process of transforming data into insight for

making better decisions




Descriptive Analytics


✓✓ Analytical techniques that describe what has happened in

the past.




Predictive Analytics


✓✓ Analytical techniques that use models constructed from

past data to predict the future or assess the impact of one

variable on another.




pg. 1

, Click here- Nclex - Stuvia US

Prescriptive Analytics


✓✓ Analytical techniques that yield a course of action.




Big Data


✓✓ 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 4 v's: volume,

velocity, variety, and veracity.




Data Mining


✓✓ The process of using procedures from statistics and

computer science to extract useful information from extremely

large databases.




Frequency Distribution


pg. 2

, Click here- Nclex - Stuvia US

✓✓ A tabular summary of data showing the number

(frequency) of observations in each of several nonoverlapping

categories or classes.




Relative Frequency Distribution


✓✓ A tabular summary of data showing the fraction or

proportion of observations in each of several nonoverlapping

categories or classes.




Percent Frequency Distribution


✓✓ A tabular summary of data showing the percentage of

observations in each of several nonoverlapping classes.




Bar Chart




pg. 3

, Click here- Nclex - Stuvia US

✓✓ A graphical device for depicting categorical data that have

been summarized in a frequency, relative frequency, or percent

frequency distribution.




Pie Chart


✓✓ A graphical device for presenting data summaries based

on subdivision of a circle into sectors that correspond to the

relative frequency for each class.




Class Midpoint


✓✓ the value halfway between the lower and upper class limits




Dot Plot




pg. 4

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