Data analysis Flashcards
What mnemonic can be used to remember the qualities of good information?
ACCURATE
What does ACCURATE stand for?
Accurate Complete Cost-beneficial User-targeted Relevant Authoritative Timely Easy to use
What type of analysis is used to draw conclusions about a set of data?
Inferential statistics
What type of analysis is used to identify a pattern in a set of data?
Exploratory data analysis
What type of analysis confirms a hypothesis using statistical methods?
Confirmatory data analysis
What is selection bias?
When a sample is not chosen randomly so might not represent the whole population
What is self-selection bias?
When individuals select whether or not to include themselves as part of a sample
What is observer bias?
When assumptions of a researcher can influence observations
What is omitted variable bias?
When a variable is left out when data is being analysed
What is cognitive bias?
When someone can misinterpret information subconciously
What is confirmation bias?
When information is processed with previous existing beliefs
What is survivorship bias?
When a sample only contains items that have survived a previous event e.g. only focussing on successful businesses
What is a Type I error?
When the null hypothesis is true but gets rejected
What is a Type II error?
When the null hypothesis is false but gets accepted
What are the four Vs of big data?
Volume
Variety
Velocity
Veracity
