Exam 3 - Chapter 10 - Share the story Flashcards
Data can be communicated more effectively when visualized.
What is data visualization?
Presenting results of an analysis in accesible way through charts/graphs.
What are these components of charts/graphs:
- Horizontal axis
- Vertical axis
- Scale
- Tick marks
- Data series
- Data point
Horizontal axis: Used for labels
Vertical axis: Used for values
Scale: The total values shown on vertical axis
Tick marks: Increments of the scale
Data series: raw data the chart visually represents
Data point: Individual items of the data series
Use this flaschard as a visual representation of the components of graphs/charts:
An easy and effective way to improve data visualizations is to:
Sort data in an order
What are descriptive statistics?
Brief summaries of a data set that provide a rep. of the data as a whole.
Includes:
- Mean
- Standard deviation
- Mins and max
Time series data
An effect visualization tool for displaying trends over time:
Bar charts
Line charts
Note: time series data should be sorted logically; for example, chronological order
The advantage line charts have over bar charts for visualization of trends:
Line charts lend themseviles to numerical data that extends below 0
- When the overall trend is more important to communicate rather than specific data points
The advantage bar charts have over line charts for visualization of trends:
Display specific data points easier; important when you want better descriptions of each point
Ratio data
How should this data be visualized?
Useful for trend analysis
For bar charts: Always use 0 as starting point
For line chart: Should use 0 as starting point, unless makes more sense not to; trend will stand out regardless
Pie Charts
What type of analytics do these visualizations work best with?
Useful for these descriptive analytics:
- Proportions
- Categorical data
Note: Rarely preferred # of categories > 4
What are data dashboards?
Report that contains a collection of useful visualizations and tables to check business progress/drive decisions.
Typically contain filters to make it easy to hone on a particular time, category, product, or geographic area
What are histograms?
Data visualization that displays the distribution of a particular dataset; compares numbers across intervals
Histograms vs. bar charts
What are three key differences in histograms compared to bar charts?
- Histograms represent bins/intervals: Ear bar represent subsets of data, arranged in increasing order
- Histograms use numerical data, not categorical: this is why histograms do not contain gaps between bars
- Histogram’s vertical axis shows only counts of observations: Bar charts may show any descr. statistics.
Visualizing diagnostic analysis
What are the two methods for assessing outliers?
- “Eyeball” data to determine if any observations fall outside expected distributiion
- Construct a box plot
Use this flashcard to understand box plots/outliers.
Visualizing predictive statistics
What tool can be used to visualize correlation and regression analysis?
Scatter plot:
- Useful to visualize data if you have two different measures
- Reflect correlation by showing values of two variables
Visualizing predictive statistics
What tool should be used to visualize forecasting data?
Multi-line charts:
Allows display of multiple predictions; the expected, upper limit, and lower limit
Prescriptive analysis
What tool is best used to visualize sensitivity analysis?
Tables
Best for communicating multiple bits of info and how info changes based on different outcomes
- Since different scenarios are used, graphs would be hard to effectively summarize
Prescriptive analysis
What tool is best used to visualize break-even analysis?
Line charts:
- Create lines for: total revenue, total cost, variable cost, and fixed cost
- Total cost line has same slope as variable cost line
