QMB 3200 MIDTERM UCF
Latest Questions with Verified and Correct
Answers.
Data - ANSWER - facts and statistics collected, evaluated, and summarized for display
and interpretation.
Dataset -ANSWER - all the data collected for a certain investigation.
Element -ANSWER - the entity for which data is collected.
Variable - ANSWER - a characteristic of interest of an element
Observation: Answer the variables connected with an individual element.
Categorical - ANSWER -Use numeric or ordinal values to quantify categories.
Quantitative -ANSWER - using numerical (quantitative) metrics.
The type of statistical analysis is based on whether the variable is categorical or
quantitative.
, Cross-sectional - ANSWER -data obtained at a comparable moment in time.
Time Series - ANSWER - data gathered over multiple time periods.
Panel ANSWER - a blend of cross-sectional and time series data.
Descriptive Statistics –ANSWER - Describe data or variables.
A population is the set of all data/variables used in a statistical analysis.
Sample - ANSWER - is a subset of the population.
Statistical Inference - ANSWER -uses data from a sample to create estimates and test
hypotheses about population characteristics.
Analytics ANSWER - the scientific process of translating data into decision-making
information. What are the three major areas of data analysis? - Answer Descriptive,
predictive and prescriptive. Descriptive Analytics – responses that describe what
happened in the past.
Predictive analytics - response employs statistical models using previous data to
anticipate the future [forecasting] or access the impact of one variable on another
[inference]. Prescriptive Analytics - response employs models to determine the best
(optimal) solution. Often, these are some sort of optimization model.
What distinguishes data from large data? a. Volume represents the number of
observations.
b. Velocity - the speed with which data is collected.
b. Variety - data can take many distinct forms.
d. Veracity - the dependability of the facts produced
Latest Questions with Verified and Correct
Answers.
Data - ANSWER - facts and statistics collected, evaluated, and summarized for display
and interpretation.
Dataset -ANSWER - all the data collected for a certain investigation.
Element -ANSWER - the entity for which data is collected.
Variable - ANSWER - a characteristic of interest of an element
Observation: Answer the variables connected with an individual element.
Categorical - ANSWER -Use numeric or ordinal values to quantify categories.
Quantitative -ANSWER - using numerical (quantitative) metrics.
The type of statistical analysis is based on whether the variable is categorical or
quantitative.
, Cross-sectional - ANSWER -data obtained at a comparable moment in time.
Time Series - ANSWER - data gathered over multiple time periods.
Panel ANSWER - a blend of cross-sectional and time series data.
Descriptive Statistics –ANSWER - Describe data or variables.
A population is the set of all data/variables used in a statistical analysis.
Sample - ANSWER - is a subset of the population.
Statistical Inference - ANSWER -uses data from a sample to create estimates and test
hypotheses about population characteristics.
Analytics ANSWER - the scientific process of translating data into decision-making
information. What are the three major areas of data analysis? - Answer Descriptive,
predictive and prescriptive. Descriptive Analytics – responses that describe what
happened in the past.
Predictive analytics - response employs statistical models using previous data to
anticipate the future [forecasting] or access the impact of one variable on another
[inference]. Prescriptive Analytics - response employs models to determine the best
(optimal) solution. Often, these are some sort of optimization model.
What distinguishes data from large data? a. Volume represents the number of
observations.
b. Velocity - the speed with which data is collected.
b. Variety - data can take many distinct forms.
d. Veracity - the dependability of the facts produced
