QMB 3200 UCF MIDTERM EXAM 3 COMPLETE ACTUAL EXAM QUESTIONS AND CORRECT VERIFIED ANSWERS (FULL REVISED EXAM) LATEST UPDATED VERSION

UCF QMB 3200 FINAL Exam Questions with 100
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% Correct Answers | Latest Version
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(2024/2025) Expert Verified p p




Dataset- Correct Answer- p p




all the data collected fora particular analysis Data- Correct Answer-
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The facts & figures collected, analyzed, and summarizedfor presentatio n
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andinterpretation.


Element - Correct Answer- p p p




The entity onwhich datais collected. Variable - Correct Answer-
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a characteristic of interest of an element.
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Observation - Correct Answer- p p p



The variablesassociatedwithan individual element.
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Categorical Data- Correct Answer- p p p



Use numeric orordinal valuesof measurement ofcategories.
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Quantitative Data - Correct Answer- p p p p



use numeric (quantitative) measures
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,Cross-sectional Data- Correct Answer- p p p




data collected at asimilar point in time.
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Time Series - Correct Answer-data collected over several time periods.
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Panel Data- Correct Answer-combination ofcross-
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sectional and time series data.
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Descriptive Statistics - Correct Answer-
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Describes data or variables Population-iCorrect Answer-
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Isithe setof all data/variables ofa statistical analysis.
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Sample - Correct Answer-
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is asubsetofthe population Statistical Inference: -
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Correct Answer-
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Usesdata from asample to make estimatesiand test hypothesis about th e
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characteristics of apopulation. p p




Whatdoes row 1 usually containin Excel? - Correct Answer-
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Typicallycontains thevariable's names.
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Whatdoes Column A usuallycontain in Excel? - Correct Answer-
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containsthe elements; and the rest ofthe
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,worksheet contains the data in the dataset.
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How do youcalculate the meanin excel? - Correct Answer-
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=Average How do youcalculate the median inexcel? - Correct Answer-
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=median


Whatis dataanalytics? - Correct Answer-
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thescientific process oftransforming data
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fordecision making. There are three broadareasof da
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taanalytics.


Descriptive Analytics - Correct Answer- p p p p



describe what has happened inthe past.
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Predictive Analytics - Correct Answer-
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uses statistical modelsfrom past data to predict thefuture [foreca
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sting] or access
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theimpact of onevariable onanother [inference].
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Prescriptive Analytics - Correct Answer- p p p p



uses models seeking to finda best (optimal) solution. Often these are so mety
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peofoptimization model. p

, The difference between dataand big data are - Correct Answer-
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Wewilluse data (notbig data)
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1. Volume - the numberofobservations.
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2. Velocity - the speedat which dataiscollected.
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3. Variety- the formsof data are of different types.
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4. Veracity - the reliability ofthe data generated.
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Data Mining- Correct Answer-
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Focuseson extracting predictive information from big dat
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a.


Frequency Distribution - Correct Answer-
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atabular summary ofdatashowing thenumber (i.e. frequency) ofobserv ati
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onsineach of several non over-lapping categories.
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Relative Frequency - Correct Answer-
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frequency ofaclass/ n ofaclass Percent Frequency - Correct Answer-
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relative frequency x 100
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Bar Chart:- Correct Answer-
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a visual displayoffrequency; relative frequency& percent frequency distrib
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utions.