Data Analysis Statistics Flashcards
What Is Statistics?
Statistics is the science of collecting, organizing, presenting, analyzing and interpreting numerical data to assist in business decision making.
Statistics helps us make sense of complex information by using mathematical techniques to uncover patterns, trends, and relationships in data.
Descriptive Statistic
Knowing how to describe the data.
Measures of Central Tendency
Mathematical functions used to find the center of a data set.
Most Common Measures of Central Tendency
Mean, Median, Mode
Mean
Calculates the average in a data set.
Median
The middle within the group of sorted numbers.
Mode
The number that shows up most often in the dataset.
Measures of Dispersion
Determines how spread out the data is from the center of a data set.
Commonly used Measures of Dispersion
Min, Max, Range, Variance, Standard Deviation, and Z-Score.
Min
The smallest number in the data set
Max
The Largest number in the data set
Range
The difference between the lowest in and the highest.
Use Frequency and Percentage
Frequency - The number of times a data point occurs.
Percentage - Can give insights into a process, a persons performance, or almost anything measured with quantitative data.
To manually calculate percentage
Divide the number of times the same data is apparent ( In total ) by the value.
Percentage Difference
