UCF QMB 3200 Midterm - Modules 1-12 (Straight from PowerPoints)

Data

the facts & figures collected, analyzed, and summarized for presentation and interpretation.

Dataset

all the data collected for a particular analysis.

Element

the entity on which data is collected.

Variable

a characteristic of interest of an element.

Observation

the variables associated with an individual element.

Categorical

use numeric or ordinal values of measurement of categories.

Quantitative

use numeric (quantitative) measures.

Cross-sectional

data collected at a similar point in time.

Time Series

data collected over several time periods.

Panel

combination of cross-sectional and time series data.

Descriptive Statistics

describe data or variables.

Population

is the set of all data/variables of a statistical analysis.

Sample

is a subset of the population.

Statistical Inference

uses data from a sample to make estimates and test hypothesis about the characteristics of a population.

Analytics

is the scientific process of transforming data for decision making.

Descriptive Analytics

which describe what has happened in the past.

Predictive Analytics

uses statistical models from past data to predict the future [forecasting] or assess the impact of one variable on another [inference].

Prescriptive Analytics

uses models seeking to find a best (optimal) solution. Often these are some type of optimization model.

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

Data Mining

focuses on extracting predictive information from big data.

Frequency Distribution

a tabular summary of data showing the number (i.e. frequency) of observations in each of several non overlapping categories.

Relative Frequency

frequency of a class / n of a class.

Percent Frequency

relative frequency * 100.

Bar Chart

a visual display of frequency; relative frequency & percent frequency distributions.

Pie Chart

a visual display of frequency; relative frequency & percent frequency distributions.

Number of Classes

Typically, between 5 and 20. Small datasets have less; larger datasets have more.

Width of the Class

Generally, it should be the same for each class. Approximate class width = (largest data value - smallest data value)/number of classes.

Class Limits

each data observation must only belong to one class.

Relative Frequency Distributions

frequency of the class/n.

Histogram

A visual display of a frequency, relative frequency or percent frequency distribution, where the variable of interest is on the horizontal axis and the frequency, relative frequency or percent frequency is on the vertical axis.

Cumulative Distributions

Presents the number of data items with values less than or equal to the upper class limit for each class.

Cumulative relative frequency distribution

the proportion of data items with values less than or equal to the upper limit of each class.

Cumulative percent frequency distribution

the percentage of data items with values less than or equal to the upper limit of each class.

Crosstabulation

a tabular summary of data for two variables (either categorical or quantitative)

Scatterdiagram

a graphical display of the relationship between two quantitative variables

Trendline

provides an approximation (i.e. an estimate) of the relationship; which can be positive, negative or none

Side-by-Side Bar Chart

depicts multiple bar charts on the same display

Stacked Bar Chart

has one bar broken into segments of a different color showing the relative frequency of each class