QMB 3200 Midterm Exam Graded A+ Data - ANS-Facts, figures, and other evidence gathered through observations.Dataset - ANS-the complete set of raw data, for all observational units and variables, in a survey or experiment Element - ANS-the entity on which data is collected variable - ANS-a characteristic of interest for the elements observation - ANS-variables associated with the element cross-sectional - ANS-data collected at one point in time time series - ANS-data collected over time panel - ANS-both cross-sectional and time series statistical analysis - ANS-a research method that entails analyzing data that have already been collected to determine the strength of the relationship that may exist between two or more variables descriptive statistics - ANS-describes data Population - ANS-the set of all elements of interest in a particular study sample - ANS-a subset of the population statistical inference - ANS-The process of using data obtained from a sample to make estimates or test hypotheses about the characteristics of a population.Descriptive Analytics - ANS-describes what has happened Predictive Analytics - ANS-uses statistical model to predict the future Prescriptive Analytics - ANS-uses data to find optimal solution Big Data - ANS--volume -velocity -variety -veracity data mining - ANS-make predictions from big data
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