UCF FINAL QMB 3200 STACEY BROOK
SUMMER UPDATED ACTUAL Questions and CORRECT Answers Dataset - CORRECT ANSWER - ✔✔all the data collected for a particular analysis
Data - CORRECT ANSWER - ✔✔The facts & figures collected, analyzed, and summarized for presentation and interpretation.
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 Data - CORRECT ANSWER- ✔✔Use numeric or ordinal values of measurement of categories.
Quantitative Data - CORRECT ANSWER - ✔✔use numeric (quantitative) measures
Cross-sectional Data - CORRECT ANSWER - ✔✔data collected at a similar point in time.
Time Series - CORRECT ANSWER- ✔✔data collected over several time periods.
Panel Data - CORRECT ANSWER - ✔✔combination of cross-sectional and time series data.
Descriptive Statistics - CORRECT ANSWER - ✔✔Describes data or variables
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Population - CORRECT ANSWER- ✔✔Is the set of all data/variables of a statistical analysis.
Sample - CORRECT ANSWER - ✔✔is a subset of the population
Statistical Inference: - CORRECT ANSWER - ✔✔Uses data from a sample to make estimates and test hypothesis about the characteristics of a population.
Typically row 1 contains the variable's names. - CORRECT ANSWER - ✔✔What does row 1 usually contain in Excel?
=AVERAGE(range) - CORRECT ANSWER - ✔✔How do you calculate the mean in excel?
Column A contains the elements; and the rest of the worksheet contains the data in the dataset. - CORRECT ANSWER - ✔✔What does Column A usually contain in Excel?
=MEDIAN(range) - CORRECT ANSWER - ✔✔How do you calculate the median in excel?
Analytics is the scientific process of transforming data for decision making. There are three broad areas of data analytics. - CORRECT ANSWER - ✔✔What is data analytics?
Descriptive Analytics - CORRECT ANSWER - ✔✔describes 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 sometype of optimization model.
We will use data (not big data) 2 / 4
- Volume - the number of observations.
- Velocity - the speed at which data is collected.
- Variety - the forms of data are of different types.
- Veracity - the reliability of the data generated. - CORRECT ANSWER - ✔✔The difference
between data and big data are
Data Mining - CORRECT ANSWER - ✔✔Focuses on extracting predictive information from big data.
Frequency Distribution - CORRECT ANSWER - ✔✔a tabular summary of datashowing the number (i.e. frequency) of observationsin each of several non over-lapping categories.
Relative Frequency - CORRECT ANSWER - ✔✔frequency of a class/ n of a class
Percent Frequency - CORRECT ANSWER - ✔✔relative frequency x 100
Bar Chart - CORRECT ANSWER - ✔✔a visual display of frequency; relative frequency & percent frequency distributions.
- Select any cell in Column A
- Click Insert on the Ribbon Tab
- In Tables, click Recommend Pivot Tables
- Click OK. - CORRECT ANSWER - ✔✔How would you make a frequency table in excel?
Pie Chart - CORRECT ANSWER - ✔✔a visual display of frequency; relative frequency & percent frequency distributions.
- Select any cell from A1 to A51.
- Click the Insert tab from the Ribbon.
- In Charts, click Recommended Charts 3 / 4
- Click OK. [bar chart appears in a new worksheet] - CORRECT ANSWER- ✔✔How would
you create a bar chart in excel?
- Access the data
- Functions & formulas
- Apply tools
- Editing options - CORRECT ANSWER - ✔✔What are the basic steps to using excel?
- determine the number of non over-lapping
- determine the width of each class;
- determine the class limits. - CORRECT ANSWER - ✔✔A frequency distribution with
classes;
quantitative data mustdefine the classes for a frequency distribution by...
Number of Classes - CORRECT ANSWER - ✔✔Typically, between 5 and 20. Small datasets have less; larger datasets have more.
Width of the Class - CORRECT ANSWER - ✔✔Generally, it should be the same for each class. Approximate class width = (largest data value - smallest data value)/number of classes.
Class Limits - CORRECT ANSWER - ✔✔Each data observation must only belong to one class.
Relative Frequency Distributions - CORRECT ANSWER - ✔✔frequency of the class/n
we must group the rows - CORRECT ANSWER - ✔✔To construct a frequency distribution in excel...
[Excel automaticallyremoves these classes]
To change this:Click the Layout and Print tab
Choose show items with no data; click OK - CORRECT ANSWER - ✔✔What if a class has no data?
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