QMB 3200 MIDTERM UCF QUESTIONS
AND ANSWERS 2024
Data - answer the facts & figures collected, analyzed, and summarized for presentation and interpretation
Dataset - answer all the data collected for a particular analysis
Element - answer the entity on which data is collected
Variable - answer a characteristic of interest of an element
Observation - answer the variables associated with an individual element
Categorical - answer use numeric or ordinal values of measurement of categories
Quantitative - answer use numeric (quantitative) measures
The type of statistical analysis depends on whether the variable is - answer categorical or quantitative
Cross-sectional - answer data collected at a similar point in time
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Time Series - answer data collected over several time periods
Panel - answer combination of cross-sectional and time series data
Descriptive Statistics - answer describe data or variables
Population - answer is the set of all data/variables of a statistical analysis
Sample - answer is a subset of the population
Statistical Inference - answer uses data from a sample to make estimates and test hypothesis about the characteristics of a population
Analytics - answer is the scientific process of transforming data for decision making
What are the three broad areas of data analytics? - answer Descriptive, predictive and prescriptive
Descriptive Analytics - answer which describe what has happened in the past
Predictive Analytics - answer uses statistical models from past data to predict the future [forecasting] or access the impact of one variable on another [inference]
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