analytics Flashcards by Sofia Marie Aglipay

what is business analytics

n: The iterative, methodical exploration of an organization’s data, with an emphasis on statistical analysis.

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what are qualitative (categorical ) variables

Variables that indicate what kind of a given characteristic an individual, object, or event possesses

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what are (numerical) variables

variables that indicate how much a given characteristic an individual, or event possesses

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what is a discrete variable

variables whose values are obtained through the process of counting

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what is a conscious variable

variables whose values are obtained through the process of measuring

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name the scales of measurement of variables

nominal
Oridinal
interval
Ration

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what is a frequency distribution?

a tabular summary of data showing the frequency (or number) of items in each of several non-overlapping classes

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give examples of categorical data

Puts the data into non-numerical categories
Color
Gender
Grade on an exam
Type

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Give examples of numerical data

Puts the data into numerical categories
Age
Price
Height
Number

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what is a frequency distribution table?

it is a tabular summary of data showing the frequency (or number) of items in each of several non-overlapping classes

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what is a lower and upper class limit?

Lower class limit - the least value that can belong to a class

Upper-Class limit - the greatest value that can belong to a class

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what are class boundaries?

the number that separates classes without forming gaps between them

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what is a class midpoint

the middle value of each data class. To find the class midpoint, average the upper and lower class limits

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what is a relative frequency?

obtained by dividing the frequency of the given class by the total number of observations

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Name 3 types of graphs

Pie chart/ Circle graph: Any data
Bar graph
Bar chart (with gaps between bars) - Discrete data
Histograms (no gaps between bars) - continuous data
Line graph
Frequency polygon - continuous data

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what is descriptive statistics?

Definition: brief description coefficients that summarize a given data set, which can either a representation of an entire or a sample of a population.

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what are the 3 central tendency’s

Mean
Median
Mode

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What are the measures of variability?

Standard deviation
Variance
The minimum and maximum variables
Kurtosis and skewness

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what is a mean ?

Mean: calculated by adding all the figures within the data set and then dividing by the number of figures within the set

What is a median ?

Median: the figure situated in the middle of the data set

What is a mode?

Mode: the value appearing most often

What are the measures of variation?

Variability: the extent to which data points in a statistical distribution or data set diverge - vary - from the average value (as well as the extent to which these data points differ from each other)
Variability statistics: the difference beign exhibited by data points within a data set, as related to each other or as related to the mean.
Expressed through the range, variance or standard deviation of a data set

Measures of central tendency:

Describes the “center” of a given data set
A single value about which the observation tends to cluster

what is nominal variables

the mode is the only measure that can be used

What are ordinal variables

the mode and the median may be used The median provides more information (taking into account the ranking of categories)

what are Interval-ratio variables?

Interval-ratio variables: the mode, median, and mean may all be calculated The mean provides the most information about the distribution, but the median is preferred if the distribution is skewed

what is measures of position?

Measures of position: they are measures that discriminate a group of scores form another group in the same data set

what is a range?

Range ( R ) - the difference between the highest and lowest

what is a variance?

Variance (S2or 2) - the mean squared differences of the observations from their mean The difference is called a deviate or a deviation score How far a given score is from the typical, or average, score The deviate is a measure of dispersion for a given score

what is the standard deviation?

Standard deviation (Sor ): the positive square root of the variance Since squared units of measure are often awkward to deal with, the square root of variance is often used instead The standard deviation is the square root of variance

Measures of skewness

A measure of skewness: Skew is a measure of symmetry in the distribution of scores

positively skewed

Tails off to the right

Negatively skweded

Tails of to the elft

Measures of Kurtosis

Measure of Kurtosis: measures whether the scores are spread out more or less than they would be in a normal (Gaussian) distribution

What is a population

Population: Set which includes all measurements of interest to the researcher The collection of all responses, measurements, or counts that are of interest)

What is a sample?

Sample: a subset of the population

why use sampling?

Impossible to study the whole population Manageability of data Economic reason Time and effort

sample size ?

Sample size (n): the minimum sample size to get any kind of meaningful result is 100. If your population is less than 100, then you need to survey all of them A good maximum sample size is usually 10% as long as it does not exceed 1000

What is a Hypothesis?

Hypothesis: an assumption about a population parameter An educated guess about the population parameter

what are statistical hypotheses?

Statistical Hypotheses: it is a guess or prediction made by the researcher regarding the possible outcome of the study.

Why do we use MRA?

The MRA is used because we want to know the extent of influence that the independent variables have on the dependent variable:

When do we use the MRA (continue)

We use the MRA when predicting y dependent variable with 2 or more independent variables

what are the three kinds of analysis of variance?

- One-way analysis of variance - only 1 variable involved - Two-way analysis of variance - 2 variables involved, the column and the row variables Used to know if there are significant differences between and among column and rows - Three-way analysis of variance - 3 variables involved

What is a simple linear regression analysis for?

It Predicts the value of y given the value of x

How do you use the MRA?

Many mathematical formulas serve to express relationship among more than two variables but the most commonly used in statistics are linear equations