C207 Flashcards by ren tiw

There are two types of statistics (Analytics) -

Descriptive and Inferential

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Descriptive statistics are used to ______ -

Inform / Explanatory

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Inferential statistics are used to ______ -

Predict / Trend

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Name the 4 levels of measurement -

(NOIR) Nominal, Ordinal, Interval Ratio

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Continuous data with unique zero point -

Ratio

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Orders data at equal distance apart -

Interval

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Place qualitative objects in some kind of order -

Ordinal

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Identify, Group, or Categorize -

Nominal

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Outliers create this type of error -

Out-of Range

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Unpredictable error -

Random Error - No correlation

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Error may occur from missing data.
(Example: Space not filled in) -

Omission Error - Distorted results

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This error repeats itself -

Systematic Error - Skewed results

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What is the process of quality control? -

Reduce/ minimize errors

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All variable measurements and manipulations are under the researcher’s control -

Experimental study

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Used when impractical or impossible to control the conditions of the study -

Observational study

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Participants are not told if they are in the treatment group or control group -

Blind Study

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The procedure the researcher applies to each subject -

Treatments

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The treatment allocator or the participants don’t know who is in the treatment group or control group -

Double blind study

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Questions favor and outcome or the interviewer ask questions that favor an outcome. -

Information Bias

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The average outcome (payoff) when the future includes scenarios that may or may not happen -

Expected Monetary Value (EMV) Analysis

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Observation points that are distant form other observations. -

Outliers

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Bias that occurs from not selecting a random sample -

Measurement bias

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Bias introduced because respondents believe it will be beneficial if selected. -

Conscious bias

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Middle score for a set of data -

Median

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Tells us the number of standard deviations a data point is from the mean. -

Z-score

If the average is the same for two groups, what will determine their difference? -

Variance (Standard Deviation)

The spread of data in a sample. How far the data points are from the mean. -

Standard deviation

Measure of central tendency that is influenced by the size of the values in a dataset. -

Mean

Each of the four quartile groups a population can be divided -

Quartiles

Measures the difference between the third and first quartile -

IQR: Inter-quartile range

Used to study the composition of a data set and examine the distribution There are six toll booths to enter the highway. What probability does each tool boot worker have of getting the next customer?. -

Box Plot 1 customer and 6 booths = 1/6 or 16.7%

The order you pick you sample in does not matter -

Combination

When given P(A) given P(B), you can use this to find the P(B) given P(A) -

Bayes Theorem

Apply this rule when looking for two events occurring (AND) -

Multiplication

Use this rule when looking for one or the other event happening. (OR) -

Addition

A technique for minimize total cost or maximize profit based on constraints -

Linear programming

A technique using a single independent variable to predict a single dependent variable -

Linear regression

A technique using more than one independent variable to predict a single dependent variable -

Multiple regression

Measures the strength of a linear relationship -

Correlation coefficient

Measures the goodness of fit in a regression analysis -

R squared

A simple regression using time as the independent variable -

Time series

A general slope upward or downward over a period of time -

Trend

Unforeseen circumstances causing random deviations. -

Irregularity

Repetition in up and down patters -

Cyclicality

Regular pattern within a single year -

Seasonality

Negative Scatterplot Correlation (direction) -

Left to Right (going down)

Positive Scatterplot Correlation (direction) -

Right to Left (going up)

Strong Scatterplot Correlation -

Dots are close together

Weak Scatterplot Correlation -

Dots are spread apart

Represents the probability that a variable falls with a certain range -

Cumulative distribution

A list of all the different probabilities of each outcome that can occur -

Probability Distribution

Z-score for 99% level of confidence -

2.576

Z-score for 95% level of confidence -

1.960

Measures of central tendency are approximately equal (Mean and Median) -

Normal Distribution

Used to compare the mean of three or more groups -

ANOVA

ANOVA uses this test statistics -

F-Value (must be higher than critical value to reject the null)

T-test uses this statistic -

T-Value (must be higher than the critical value to reject the null)

A correlation is weak if the coefficient is close to -

Zero

A correlation is strong if the coefficient is close to -

1 or -1

Illustrates performance measurements over a period of time -

Run Chart

Illustrates limits or contraints a process should not exceed -

Control Chart

Assistsin brainstorming issues that are causing a problem -

Cause and Effect Diagram

Visual tool to understand a process -

Flowchart

Easy tool to collect data to create other charts -

Check Sheet

Graphical display of a data set with one bar for each category -

Histogram and Pareto

Graphical display of data set centered -

Histogram

Graphical display of data set in highest to lowest order -

Pareto

Used for potential relationships and correlation between variables -

Scatter diagram

Can the seven tools be used independently -

Yes

What percent of quality problems does Ishikawa claim the seven tools can solve? -

90% to 95%

Diagram demonstrating all of the elements that can influence a process before it starts -

SIPOC (Supplier - Input - Process - Output - Customer)

Manufacturing approach to improving processes -

Six Sigma

In manufacturing, statistics is used for -

Quality Control

Plan - Do - Study - Act Which Step is a response to analytical results?

Act

Shows whetehr a result meets a requirement or not -

Attribute

Shows how well a result meets the requirement -

Variable

Variations accepted as the normal part of the process -

Common cause variation

Variation from an abnormality causing large discrepeancy in results -

Special cause variation

Model of desiging, analyzing, and scoring tests -

IRT: Item Response Theory

How does the goverment differ than private sector cost-benefit analysis -

Government benefits aren't always money (ex: could be flood prevention or welfare)

Compares on individual's performance to other individuals -

Norm Referenced

Compare individual's performance to a standart score (Ex: Cut Score) -

Criterion referenced

used to analyze if funding is worth the outcome of a project -

Cost-benefit analysis

What is big data -

Very large data sets

used to count ALL of the existing cases in a disease -

Prevalence

Used to count only the New cases of a disease -

Incedence (incident rate)

Managment strategy that uses results as the central measurement of performance -

RBM: Results Based Managment

Performance measure for one specific goal -

KPI - Key performance indicator

Multiple KPIs are diplayed for the big picture -

KPI dashboard

What does a balanced scorecard measure -

CLIF - (customer, learning, internal process, financial performance) Are we meeing the strategy

Advantage or Disadvantage of a balanced score card: Requires time and effort to establish a meaningful scorescard -

Disadvantage

Advantage or Disadvantage of balanced score card: Improves Internal and External Communication -

Advanatage

Advantage or Disadvantage of Balanced Scorecard: Difficult to maintain momentum -

Disadvantage

Advantage or Disadvantage of Balanced Scorescard: Improves organizational alignment -

Advantage

Advantage or Disadvantage of Balanced Scorecard: Links strategy to organizational results -

Advantage

Advantage or Disadvantage of KPI: Data driven results make it easier to quantify performance -

Advantage

Advantage or Disadvantage of KPI: Difficult to change once set up -

Disadvantage