QMB 3200 MIDTERM EXAM QUESTIONS
AND ANSWERS 100% CORRECT
data - ANSWER-Facts, figures, and other evidence gathered through observations.
Dataset - ANSWER-the complete set of raw data, for all observational units and
variables, in a survey or experiment
Element - ANSWER-the entity on which data is collected
variable - ANSWER-a characteristic of interest for the elements
observation - ANSWER-variables associated with the element
cross-sectional - ANSWER-data collected at one point in time
time series - ANSWER-data collected over time
panel - ANSWER-both cross-sectional and time series
data mining - ANSWER-make predictions from big data
frequency distribution - ANSWER-A summary chart, showing how frequently each of the
various scores in a set of data occurs
statistical analysis - ANSWER-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 Analytics - ANSWER-describes what has happened
Predictive Analytics - ANSWER-uses statistical model to predict the future
descriptive statistics - ANSWER-describes data
Population - ANSWER-the set of all elements of interest in a particular study
sample - ANSWER-a subset of the population
statistical inference - ANSWER-The process of using data obtained from a sample to
make estimates or test hypotheses about the characteristics of a population.
Prescriptive Analytics - ANSWER-uses data to find optimal solution
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