FINAL Flashcards
The process of inspecting, organizing, measuring, and modeling data to make statistically sound decisions.
Data Analysis
The strategy of turning information into insight and developing conclusive, fact-based strategies to gain competitive edge.
Analytics
Analytics that depict and describe the characteristics of what has happened in the past.
Descriptive Analytics
Analytics that use data from the past to predict the future.
Predictive Analytics
Analytics that use experimental design and optimization to suggest a course of action.
Prescriptive Analytics
Standards or points-of-reference for an industry or sector that can be used for comparison and evaluation.
Benchmarks
Describes a massive volume of data so large it’s difficult to process using traditional database and software techniques.
Big Data
The process of searching customer data in order to detect patterns to guide marketing decisions.
Data Mining
Data that can lie along any point in a range of data and is classified as either interval or ratio.
Continuous Data
A continuous data type where objects are an equal interval apart and then value ‘zero’ does NOT represent the absence of a measured value.
Interval Data
A continuous data type where objects are an equal interval apart and the value ‘zero’ DOES represent the absence of a measured property and where the values can be multiples of one another.
Ratio Data
Data that can only take on whole values and has clear boundaries that can be classified as either nominal or ordinal.
Discrete Data
A discrete data type that places objects into discrete, unordered categories.
Nominal Data
A discrete data type that places objects into discrete, ordered categories, with higher order indicating more of that quality.
Ordinal Data
The extent or degree of statistical association among two or more variables.
Correlation
The set of practices undertaken to ensure an organization provides and maintains high-quality information through the cleaning, organizing, and repairing of data.
Data Quality Management
An error that occurs when information is missing from a data set.
Omission Error
Errors in measurement caused by unpredictable statistical fluctuations.
Random Errors
Errors in measurement that are constant and can be caused by faulty equipment or bias.
Systematic Errors
A strategy that consists of observational and experimental studies to help guide a study in a coherent and logical manner.
Research Design
Studies conducted in a natural environment where the variables are not completely controlled by the researcher.
Observational Studies
Studies in which all variable measurements and manipulations are under the researcher’s control.
Experimental Studies
A study that observes people going forward in-time from the moment of their entry into the study.
Prospective Cohort Study
A bias that is introduced during the sample of the study, when the sample is not representative of the population.
Selection Bias
A bias that occurs when members of the population choose not to participate in the study.
Response Bias
A straight-forward and commonly used sampling method in which a sample selected from a population has an equal opportunity to be chosen.
Simple Random Sample
A bias that occurs when an assumption is made that has not yet been proven.
Unfounded Assumption
The relationship of cause and effect.
Causation
An outcome, or set of outcomes, whose chance of occurrence is represented by probability.
Event
The occurrence of an event not happening.
Complement
The probability of two events happening where elements of both events meet.
Intersection
When two or more events are not able to occur at the same time.
Mutually Exclusive
A visual representation of mathematical sets of events.
Venn Diagram
The chance of an event occurring where ‘zero’ indicates no chance of an event and ‘one’ indicates that an event will happen.
Probability
The probability of an event occurring, given that another event has already occurred.
Conditional Probability
The number of unique, ordered possibilities for a certain situation.
Permutations
The number of different, unordered possibilities for a certain situation.
Combinations
The ratio of the number of occurrences of an event compared to the overall possible occurrences of that event.
Frequency
The average, calculated by adding a series of values in a dataset together and dividing it by the total number in the series of the data.
Mean
The value of the quantity lying at the midpoint of a frequency distribution.
Median
The highest frequency of any specific event.
Mode
A score calculated by subtracting the mean from and individual score.
Deviation Score
A measure of the spread of dispersion of a data set. The closer the data to the mean, the smaller the variance.
Variance
The square root of the variance, a measure of how spread out the numbers are in a set of data.
Standard Deviation
A statistical measure that indicates the number of standard deviations a data point is from the mean.
Z-Score
A graph that displays continuous data.
Histogram
A graph that measures the distribution of data over discrete groups of categories.
Bar Chart
A graphic that uses dots to show relationships or correlations between variables.
Scatter (Plot) Diagram
A statistical analysis commonly used to compare the difference between two groups; specifically, to determine if two means are different from one another.
T-Test
A hypothesis test that is used to compare a sample mean to a known value, often a population mean.
One-Sample T-Test
A common hypothesis test that is used to determine the distribution of categorical data.
Chi-Squared Test
A variance analysis method that analyzes the difference between a particular variable and multiple populations (three or more means).
ANOVA Analysis
One value used to test the hypothesis; it is a numerical summary of the data set.
Test Statistic
The tipping point between a test statistic value that causes one to reject the null hypothesis and one that indicates that one should fail to reject the null hypothesis.
Critical Value
A statistical analysis tool that quantifies the relationship between a dependent variable and one or more independent variables; commonly used for cost behavior and forecasting sales.
Regression Analysis
A regression analysis that uses time as the independent variable and is used for evaluating patterns in data to make decisions about inventory or staffing levels.
Time-Series Analysis
A regression analysis that arranges terms or values based on different variables into “natural” groups. It is commonly used for understanding the make-up of an industry’s different areas.
Cluster Analysis
A regression analysis with only one independent variable.
Simple Linear Regression
A regression analysis of how multiple independent variables affect one dependent variable.
Multiple Linear Regression
A business management system that focuses on product and service quality and the means to achieve it.
Quality Management
A process that monitors the quality of operations and is reactive to problems.
Quality Control
A process that is responsible for providing assurance that products and services are consistently maintained at a high level of quality and is proactive to problems.
Quality Assurance
A business management system aimed at translating the organization’s strategic goals into a set of performance objectives using financial, internal, innovative, and customer/stakeholder input.
Balanced Scorecard
A business process that focuses on eliminating anything that does not add value for customers.
Lean Processes
A four step process for testing hypotheses and solving problems.
Plan-Do-Check-Act Cycle
A quantifiable performance measurement that demonstrates how effectively an organization is achieving key business objectives.
Key Performance Indicators (KPI)
A tool used to unite key performance data sources and provide at-a-glance visual feedback.
KPI Dashboard
A quality management diagram that defines the boundaries of a process and shows how it’s suppliers, inputs, products, outputs, and customers affect quality.
SIPOC Diagram
A process control that helps teams ensure that work processes are working to the best of their ability.
Statistical Process Control (SPC)
Measurements that allow people to gauge results effectively.
Metrics
The process of selecting research participants or survey respondents of a population.
Sampling
Data that shows whether a result meets a requirement and is yes/no or pass/fail in nature.
Attributable Data
Data that shows how well a result meets a requirement, often shown on a scale or as a rating.
Variable Data
Variation that occurs as a natural part of a process.
Common Cause Variation
Abnormal variation that is not part of a natural process.
Special Cause Variation
A best practice process that includes run and control charts, cause-and-effect diagrams, flowcharts, check sheets, histograms, bar charts, Pareto charts, and scatter diagrams.
Ishikawa’s Seven Basic Tools of Quality
A line chart that shows performance measurements over time and can help users uncover trends or aberrations in processes.
Run Chart
A modified run chart that also provides upper and lower control limits that a process should not exceed.
Control Chart
A quality management diagram that shows the underlying causes of a problem or event; also known as a fishbone diagram.
Cause-And-Effect Diagram
A graphical representation of the steps that make up a process.
Flowchart
A structured form or table that allows users to collect and record data in a simple format; usually by placing check marks next to recordable units.
Check Sheet
A graph that displays continuous data with vertical bars showing counts or numbers in each range of data.
Histogram
A graph that measures the distribution of data over discrete groups and/or categories.
Bar Chart
A histogram that or ordered by the frequency of occurrence, showing how many results were generated by each identifiable cause.
Pareto Chart
A graphic that uses dots to show relationships or correlations between variables.
Scatter (Plot) Diagram
Business processes that focus on eliminating anything that doesn’t add value for customers.
Lean Processes
A lean process of producing and delivering products and services exactly when a customer needs them.
Just-In-Time Inventory
All of the steps, processes, and communication involved in the production of goods and services.
Value Stream
A highly-disciplined, data-driven approach for improving quality by using statistical analysis to identify and eliminate defects.
Six Sigma
Quality attributes that customers and stakeholders feel are most important and are used by these groups to evaluate the quality of process results.
Critical-To-Quality Characteristics (CTQs)
A diagram that breaks customer needs and expectations down into values that can be measured and monitored.
CTQ Tree Diagram
A management strategy that uses results as the central measurement of performance that involves five stages: input, activities, output, outcome, and impact.
Results-Based Management (RBM)
An analysis that is used to see if funding a project is worth the outcome of the project.
Cost-Benefit Analysis
Tests that compare an individual to other individuals.
Norm-Referenced Tests
Tests that compare an individual to certain defined standards.
Criterion-Referenced Tests
The actual score an individual achieves on a test
Observed Score
The average score an individual would achieve if they were to take a test infinite times.
True Score
Errors in measurement caused by unpredictable statistical fluctuations.
Random Measurement Errors
Errors in measurement that are constant within a specified dataset and can be caused by faulty equipment or bias.
Systematic Measurement Error
A theory that states that in a test without systematic error, the observed score is the true score plus the random error.
True Score Theory
A model of scoring that focuses on analysis of each question’s answer and is often more useful that classical test theory.
Item Response Theory (IRT)
