QMB3200 UCF Final Exam Questions And
Answers Spring 2025
Data -
correct answer ✅The facts and figures collected, analyzed, and
summarized for presentation and interpretation.
Dataset -
correct answer ✅All the data collected for a particular analysis.
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 -
correct answer ✅Use numeric or ordinal values of measurement
of categories.
,QMB3200 UCF Final Exam Questions And
Answers Spring 2025
Quantitative -
correct answer ✅Use numeric (quantitative) measures.
Cross-sectional -
correct answer ✅Data collected at a similar point in time.
Time Series -
correct answer ✅Data collected over several time periods
Panel -
correct answer ✅Combination of cross-sectional and time series.
Descriptive Statistics -
correct answer ✅Describe data or variables
Population -
correct answer ✅The set of all data/variables of a statistical
analysis.
Sample -
correct answer ✅A subset of the population.
, QMB3200 UCF Final Exam Questions And
Answers Spring 2025
Statistical Inference -
correct answer ✅Uses data from a sample to make estimates and
test hypothesis about the characteristics of a population.
Descriptive Analytics -
correct answer ✅Describe 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 some time of optimization model.
Volume -
correct answer ✅The number of observations
Velocity -
correct answer ✅The speed at which data is collected.
Answers Spring 2025
Data -
correct answer ✅The facts and figures collected, analyzed, and
summarized for presentation and interpretation.
Dataset -
correct answer ✅All the data collected for a particular analysis.
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 -
correct answer ✅Use numeric or ordinal values of measurement
of categories.
,QMB3200 UCF Final Exam Questions And
Answers Spring 2025
Quantitative -
correct answer ✅Use numeric (quantitative) measures.
Cross-sectional -
correct answer ✅Data collected at a similar point in time.
Time Series -
correct answer ✅Data collected over several time periods
Panel -
correct answer ✅Combination of cross-sectional and time series.
Descriptive Statistics -
correct answer ✅Describe data or variables
Population -
correct answer ✅The set of all data/variables of a statistical
analysis.
Sample -
correct answer ✅A subset of the population.
, QMB3200 UCF Final Exam Questions And
Answers Spring 2025
Statistical Inference -
correct answer ✅Uses data from a sample to make estimates and
test hypothesis about the characteristics of a population.
Descriptive Analytics -
correct answer ✅Describe 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 some time of optimization model.
Volume -
correct answer ✅The number of observations
Velocity -
correct answer ✅The speed at which data is collected.
