Exam (elaborations)
QMB STACEY BROOK QUESTIONS AND ANSWERS
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QMB STACEY BROOK QUESTIONS AND ANSWERS
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QMB STACEY BROOK QUESTIONS ANDANSWERS
IMPORTANT6PRACTICE6TEST6INFORMATION!!!!6
This6may6be6even6more6helpful6than6this6quizlet!!!!6
In6mindtap6go6to6the6left-hand6toolbar,6select6courses,6and6select6this6course.6
You6should6see6a6dashboard6with6the6chapters6on6the6left6and6your6recent6homework6sc
ores6on6the6right.6
Then6on6chapter616click6the6down6arrow6to6display6all6of6the6sub6categories.6
You6should6see6the6last6sub6category6it6is6chapter616review6and6assignments-
6click6on6this6then6click6chapter616test6prep.6
This6will6take6you6to6a6page6where6you6can6create6your6own6test!
What6you6should6do6is6go6to6the6modules-6he6lists6the6textbook6sections6to6read-
6select6these6sections6on6the6practice6test-6only6practice6conceptual6questions.
These6questions6are6confusing6and6difficult6so6far-
6so6it6seems6like6the6perfect6way6to6practice!!!
6Manifesting6amazing6grades6for6you6all6and6good6luck!6ans---6
Dataset6ans---6all6the6data6collected6for6a6particular6analysis
Data6ans---
6The6facts6&6figures6collected,6analyzed,6and6summarized6for6presentation6and6interpret
ation.
Element6ans---6The6entity6on6which6data6is6collected.
Variable6ans---6a6characteristic6of6interest6of6an6element.
Observation6ans---6The6variables6associated6with6an6individual6element.
Categorical6Data6ans---6Use6numeric6or6ordinal6values6of6measurement6of6categories.
Quantitative6Data6ans---6use6numeric6(quantitative)6measures
Cross-sectional6Data6ans---6data6collected6at6a6similar6point6in
,time.
Time6Series6ans---6data6collected6over6several6time6periods.
Panel6Data6ans---6combination6of6cross-sectional6and6time6series6data.
Descriptive6Statistics6ans---6Describes6data6or6variables
Population6ans---6Is6the6set6of6all6data/variables6of6a6statistical6analysis.
Sample6ans---6is6a6subset6of6the6population
Statistical6Inference:6ans---
6Uses6data6from6a6sample6to6make6estimates6and6test6hypothesis6about6the6characteristi
cs6of6a6population.
What6does6row616usually6contain6in6Excel?6ans---
6Typically6row616contains6the6variable's6names.
What6does6Column6A6usually6contain6in6Excel?6ans---
6Column6A6contains6the6elements;6and6the6rest6of6the
worksheet6contains6the6data6in6the6dataset.
How6do6you6calculate6the6mean6in6excel?6ans---6=Average
How6do6you6calculate6the6median6in6excel?6ans---6=median
What6is6data6analytics?6ans---6Analytics6is6the6scientific6process6of6transforming6data
for6decision6making.6There6are6three6broad6areas6of
data6analytics.
Descriptive6Analytics6ans---6describe6what6hashappened6in6the6past.
Predictive6Analytics6ans---6uses6statistical6models6from
past6data6to6predict6the6future6[forecasting]6or6access
the6impact6of6one6variable6on6another6[inference].
Prescriptive6Analytics6ans---
6uses6models6seeking6to6find6a6best6(optimal)6solution.6Often6these6are6sometype6of6opti
mization6model.
The6difference6between6data6and6big6data6are6ans---6We6will6use6data6(not6big6data)
1.6Volume6-6the6number6of6observations.
2.6Velocity6-6the6speed6at6which6data6is6collected.
3.6Variety6-6the6forms6of6data6are6of6different6types.
4.6Veracity6-6the6reliability6of6the6data6generated.
, Data6Mining6ans---6Focuses6on6extracting6predictive6information6from6big
data.
Frequency6Distribution6ans---
6a6tabular6summary6of6datashowing6the6number6(i.e.6frequency)6of6observationsin6each6o
f6several6non6over-lapping6categories.
Relative6Frequency6ans---6frequency6of6a6class/6n6of6a6class
Percent6Frequency6ans---6relative6frequency6x6100
Bar6Chart:6ans---6a6visual6display6of6frequency;6relative
frequency6&6percent6frequency6distributions.
How6would6you6make6a6frequency6table6in6excel?6ans---6a.6Select6any6cell6in6Column6A
b.6Click6Insert6on6the6Ribbon6Tab
c.6In6Tables,6click6Recommend6Pivot6Tables
d.6Click6OK.
pie6chart6ans---
6a6visual6display6of6frequency;6relative6frequency6&6percent6frequency6distributions.
How6would6you6create6a6bar6chart6in6excel?6ans---6a.6Select6any6cell6from6A16to6A51.
b.6Click6the6Insert6tab6from6the6Ribbon.
c.6In6Charts,6click6Recommended6Charts
d.6Click6OK.6[bar6chart6appears6in6a6new6worksheet]
What6are6the6basic6steps6to6using6excel?6ans---
6Access6the6data,6Functions6&6formulas,6Apply6tools,6Editing6options
A6frequency6distribution6with6quantitative6data6mustdefine6the6classes6for6a6frequency6di
stribution6by:6ans---6a.6determine6the6number6of6non6over-lapping
classes;
b.6determine6the6width6of6each6class;
c.6determine6the6class6limits.
Number6of6Classes6ans---
6Typically,6between656and620.6Small6datasets6have6less;6larger6datasets6have6more.
Width6of6the6Class6ans---
6Generally,6it6should6be6the6same6for6each6class.6Approximate6class6width6=6(largest6dat
a6value6-6smallest6data6value)/number6of6classes.
Class6Limits6ans---6Each6data6observation6must6only6belong6to6one6class.
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