Data Analysis

Question 1

Frequency distributions

Answer 1

Refers to organizing a data set chronologically

Question 2

Central tendency

Answer 2

An attempt to describe a data set with a single value and include the mean, median, mode quartiles and percentiles

Question 3

Variance Analysis

Answer 3

The difference between actual performance and expected performance

Question 4

Ratio Analysis

Answer 4

Compares the organization or industry standards to data in financial statements to measure a company’s financial health

Question 5

Trend Analysis

Answer 5

Used to forecast future state; measures variances over time to determine if results are isolated or if results identify trends

Question 6

Regression Analysis

Answer 6

Used to determine the degree to which variables are related to each other

Question 7

Root Cause Analysis

Answer 7

Used to determine the fundamental cause of a result; working backward, each cause is analyzed until the root cause is identified

Question 8

Mean

Answer 8

Average value, may be weighted or unweighted

Question 9

Median

Answer 9

The value directly in the middle of the data set. If there are even numbers, the mode is the average of the two numbers in the middle

Question 10

Mode

Answer 10

The number that occurs most in the data set