business analytics exam 1 Flashcards
facts and figures which industries use
data
any characteristic of an element, also used to describe data
variable
way to assign value of a variable of an element
measurement
possible measurements fall into several categories
qualitative
possible measurements of the values of a variable are numbers that represent quantities
quantitative data
weight of packages, size of package, time of order to destination, costs
UPS quantitative data
labels, name, anything used to identify an attribute
qualitative examples
name , cell phone number, address, email
examples of qualitative data
data collected at the same point in time
cross sectional data
data already collected by public and private sources
existing sources
internet, library, government
examples of exisiting sources
data collected for a specific purpose
experimental and observational studies
When initiating a study, you must first find a variable if interest called a
response variable
variables related to the variables of interest in the second step of initiating a study
independent variables
companies hope to use this to indicate past behavior and other information to predict customer response
transactional data
process of centralized data management and retrieval
data warehousing
the objective is the creation and maintenance of a central repository for an organizations data
data warehousing
three types of analytic users
business user, business analytics, data scientist
person who manages cleans and aggregates data
business analyst
first step of anayltic process
business must find a problem and pain point
second step of analytic process
collection and management of data
third step of analytics process
describe and interpret what has happened with your collected past data
4th step of analytics process
predict what will happen in the future
5th step of analytics process
make a business decision
2 subsets of quantitative data
discrete, continous
quantitative data that consist of a whole number
discrete
quantitative data that has fractions and decimals
continuous
2 subsets of qualitative data
ordinal, nominal
qualitative data that requires an order
ordinal
qualitative data where order doesn’t matter
nominal
accepts payments from customers and keeps track of sales and inventory through an online store
point of sale system
path a user takes through online journey
click stream data (CSD)
computer based sharing of ideas, thoughts ,info, online data that the user provides
social media data
a device that detects a change in the environment and converts the change into measurable data
sensor data
Identity is coded but known by someone in charge
confidential
no identity is known by anyone
anonymous
entire group of people we want data from
population
part of the population we collect to analyze
sample
data for ALL of the population
census
people or things being sampled
elements
every set of individuals has an equal chance to be selected, foundation for all sample methods
simple random sample
divides the population into nonoverlapping groups that select a random, sample from each strata
statified random sample
list population, select random starting point, sample each nTH element, must have a starting point and random mathematical selection
systematic sampling
divides the population into clusters, randomly select clusters , sample all in each cluster
multistage cluster sampling
type of sampling requires large sample and geographical area
multistage cluster sampling
select sample of people because it is easy to get data
convenient bias
self selected sample, those who want to participate because they have a strong feeling
voluntary
incomplete sampling where not a sufficient amount was sampled to make an accurate statement
undercoverage bias
when sampling does not represent data not represent population due to biased sampling
sampling error
doesnt include representation from entire population
coverage bias
sampling procedures result in collecting incorrect data
measurement error
response bias is a type of
measurement bias
using leading questions or poorly worded
response bias
bias caused by sampling method or how sample is conducted
coverage bias
4 essential parts of consent form
purpose, what will be asked, will data be confidential or anonymous, are there risks
