6 Types of Analytics Flashcards
What are the four general categories of analyses needed for the exam?
Exploratory data analysis (EDA), performance analysis, trend analysis, link analysis
What is EDA?
A general term for analyses used to understand your data better
What common types of analyses fall under EDA?
Descriptive statistics, relationships, dimension reduction
What are the four categories of descriptive statistics?
- Measures of central tendency
- Measures of dispersion
- Measures of frequency
- Measures of position
What do measures of central tendency include?
- Mean
- Median
- Mode
What do measures of dispersion explain?
How spread out your data is
What are some examples of measures of dispersion?
- Standard deviation
- Range
- Variance
- Min
- Max
- Quartiles
How are measures of frequency represented?
Counts, ratios, or percentages
What visualization is often used for measures of frequency?
Bar chart or heat maps
What is the purpose of relationships in EDA?
To see whether there is a correlation between two variables
What is a common visualization used to assess relationships between variables?
Scatter plot
What is dimension reduction?
The idea of simplifying data before analysis
What are some advanced methods for dimension reduction?
- Principal component analysis (PCA)
- Non-negative matrix factorization (NMF)
What is a key step before performing analyses on a dataset?
Understanding basic information about the data
What is the function used in Python’s pandas package to get descriptive statistics?
.describe()
What command is used to import the pandas package in Python?
import pandas as pd
What does the command MyData.info() provide?
A rough description of the dataset
What are the common variable types in programming languages?
- Integers
- Floats
- Strings
What does the command MyData[‘Age_Bracket’].value_counts() do?
It provides counts of each unique value in the Age_Bracket variable
What does the command pd.plotting.scatter_matrix(MyData) create?
A scatter plot matrix of all numerical variables
True or False: EDA includes data cleaning and wrangling processes.
False
Fill in the blank: EDA encompasses any preliminary information gathering that you must do before you can jump into what you actually want to know, including frequencies, averages, trends, or the _______.
relationships between your variables
What is the purpose of using scatter plots in EDA?
To visually assess potential correlations between variables
What does the command MyData[‘Total_Spent’].describe() return?
Descriptive statistics for the Total_Spent variable
What is the main goal of exploratory data analysis?
To lay the groundwork for later analyses
What does the scatter plot matrix display?
Relationships between numerical variables and their distributions
What does the distribution of Client_ID indicate?
The distribution is random and does not show any trends.
What does the AB_Recode / Client_ID matrix indicate?
Including a categorical variable in this matrix means nothing.
What relationship does Client_ID have with Orders and Total_Spent?
Client_ID relates to Orders and Total_Spent.
What does Figure 6.8 illustrate?
It shows random scattering without any relationship between Client_ID and other variables.
How is the distribution of AB_Recode characterized?
It shows a pretty normal distribution.
What makes Age_Bracket an ordinal variable?
It has an inherent order: <21, 21–30, 31–40, 41–50, and >50.
Why is a histogram based on a categorical variable like color meaningless?
There is no logical order to the categories.
What does the histogram of Orders indicate?
It is skewed to the right and not a normal distribution.
What does the scatter plot of Orders and Total_Spent indicate?
There might be a positive relationship between Orders and Total_Spent.
What is the focus of performance analysis?
Meeting goals across various metrics.
What are KPIs?
Metrics used to gauge performance.
What is an example of a common KPI?
Return on investment (ROI).
What does project management performance analysis focus on?
Team performance, task completion, and productivity consistency.
What type of analytics does process analytics focus on?
The efficiency of a process involving multiple steps.
What is trend analysis?
Analyzing trends over time to identify patterns.
What is forecasting in trend analysis?
Extending a trendline into the future.
What is link analysis?
Tools and techniques explaining the relationships between variables.
What are the three main types of link analysis methods?
- Scatter plots * Correlation analyses * Structural Equation Modeling
Why is choosing the correct analysis challenging?
There are many analyses for different situations with variations and debates on effectiveness.
What do statistical analyses make about data?
Assumptions that must be met for reliable results.
What should you include in your list of analyses?
- Purpose of the analysis * Required variables * Assumptions made
True or False: The results of an analysis can be reliable even if assumptions are not met.
False.
What does EDA stand for?
Exploratory Data Analysis
What is the purpose of EDA?
Understanding basic information about your data before performing more advanced analytics
What type of analysis focuses on comparing key metrics?
Performance analysis
What is trend analysis primarily used for?
Looking at things over time and forecasting future metrics
What type of analysis is used to find relationships between variables?
Link analysis
What are assumptions in statistical analyses?
A list of prerequisites that must be met
Fill in the blank: The three steps to choose the correct statistical analysis are knowing your ______, knowing your ______, and checking your ______.
goal, variables, assumptions
True or False: There is a magic bullet that will instantly help you choose the perfect analysis every time.
False
What should you do first when picking a specific type of analysis?
Know your goal
What is the goal of performance analysis?
Checking the progress of a company, team, or process
Which analysis type includes descriptive statistics?
Exploratory Data Analysis
What does KPI stand for in the context of performance analysis?
Key Performance Indicator
What is the main focus of project management analysis?
Tracking how a team is performing
What type of analysis is often used to track how a group of people feels about something?
Trend analysis
Fill in the blank: Scatter plots and correlation are part of ______ analysis.
Link
What is the first step in the process of choosing an analysis?
Know your goal
In the context of analysis, what does it mean to check your assumptions?
Ensure the prerequisites for an analysis are met
True or False: You should never make assumptions; confirm everything.
False
What is often necessary if you lack the required variables for a specific analysis?
Find or create the necessary variables
Which analysis type focuses on tracking the efficiency of a multi-stage process?
Process analysis
Fill in the blank: Choosing the correct statistical analysis can be ______.
difficult
What is the main goal of exploratory data analysis?
To get a feel for your data and learn the basics about it
