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analytics Flashcards

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1
Q

what is business analytics

A

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

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2
Q

what are qualitative (categorical ) variables

A

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

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3
Q

what are (numerical) variables

A

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

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4
Q

what is a discrete variable

A

variables whose values are obtained through the process of counting

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5
Q

what is a conscious variable

A

variables whose values are obtained through the process of measuring

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6
Q

name the scales of measurement of variables

A

nominal
Oridinal
interval
Ration

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7
Q

what is a frequency distribution?

A

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

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8
Q

give examples of categorical data

A

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

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9
Q

Give examples of numerical data

A

Puts the data into numerical categories
Age
Price
Height
Number

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10
Q

what is a frequency distribution table?

A

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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11
Q

what is a lower and upper class limit?

A

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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12
Q

what are class boundaries?

A

the number that separates classes without forming gaps between them

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13
Q

what is a class midpoint

A

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

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14
Q

what is a relative frequency?

A

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

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15
Q

Name 3 types of graphs

A

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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16
Q

what is descriptive statistics?

A

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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17
Q

what are the 3 central tendency’s

A

Mean
Median
Mode

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18
Q

What are the measures of variability?

A

Standard deviation
Variance
The minimum and maximum variables
Kurtosis and skewness

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19
Q

what is a mean ?

A

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

20
Q

What is a median ?

A

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

21
Q

What is a mode?

A

Mode: the value appearing most often

22
Q

What are the measures of variation?

A

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

23
Q

Measures of central tendency:

A

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

24
Q

what is nominal variables

A

the mode is the only measure that can be used

25
Q

What are ordinal variables

A

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

26
Q

what are Interval-ratio variables?

A

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

27
Q

what is measures of position?

A

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

28
Q

what is a range?

A

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

29
Q

what is a variance?

A

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

30
Q

what is the standard deviation?

A

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

31
Q

Measures of skewness

A

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

32
Q

positively skewed

A

Tails off to the right

33
Q

Negatively skweded

A

Tails of to the elft

34
Q

Measures of Kurtosis

A

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

35
Q

What is a population

A

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

36
Q

What is a sample?

A

Sample: a subset of the population

37
Q

why use sampling?

A

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

38
Q

sample size ?

A

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

39
Q

What is a Hypothesis?

A

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

40
Q

what are statistical hypotheses?

A

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

41
Q

Why do we use MRA?

A

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

42
Q

When do we use the MRA (continue)

A

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

43
Q

what are the three kinds of analysis of variance?

A
  • 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
44
Q

What is a simple linear regression analysis for?

A

It Predicts the value of y given the value of x

45
Q

How do you use the MRA?

A

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

business finance terms (2 decks)

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