FINAL ASSESSMENT Flashcards
2 types of stats (Analytics)
DESCRIPTIVE - Inform / Explanatory
INFERENTIAL - Predict / Trend
4 Levels of Measurement
NOIR
Nominal
Ordinal
Interval Ration
Continuous data with a Unique Zero point
RATIO
Qualitative objects placed in some type of order
Ordinal
Identify, Group, Categorize
Nominal
OUTLIERS create this type of Error
Out-of-Range
Error the occurs from missing data (space not filled in) = distorted results
Omission Error
Error that REPEATS itself. Leads to skewed results
Systematic Error
The process of Quality Control
Reduce / minimize errors
ALL variable measurements and manipulations are under the Researchers Control
Experimental Study
Impractical or Impossible to control the Conditions of the study
Observational Study
Questions favor an outcome OR if interviewer asks questions that favor an outcome
Information BIAS
Average outcome (Payoff) when future includes scenarios that may or may not happen
EMV Analysis (Expected Monetary Value)
Observation points that are distant from other observation points that can be Included or Excluded in analysis
Outliers Note
Bias that occurs from NOT selecting a Random Sample
Measurement Bias
Bias that introduced from respondents belief that it will be Beneficial if selected
Conscious Bias
The measured distance between the the THIRD and FIRST quartile
IQR (inter-quartile range)
MUST be ordered LOW –> High
Used to STUY the Composition of data set and examine the distribution
Box Plot
Given the PROB of A given PROB of B… can use this to find the P of B given the P of A
Bayes Theorem
MUST know P (A), P (B) and P(A) given B
RULE used then looking for TWO events occurring (AND)
Multiplication
RULE used then looking for One OR the other event happening (OR)
Addition
Simple Regression where Time is the Independent Variable
Time Series
General SLOPE that is UPWARD or DOWNWARD over a Period of Time
Trend
UNFORSEEN circumstances that cause Random Deviations
Irregularity
Repetition in UP and Down Patterns
Cyclicality
Regular pattern within a SINGLE year
Seasonality
Represents the PROB that a Variable falls within a Certain Range
Cumulative Distribution
LIST of ALL the different Probabilities that can occur
Probability Distribution
Measures of the CENTRAL TENDENCY are approximately EQUAL (Mean and Median)
Normal Distribution
Compares the MEANS of 3 or More groups
ANOVA\
- F-Value - HIGHER than Crit Value to REJECT the Null
Statistic used by the T- TEST
T-Value
- MUST be HIGHER than the CRITICAL Value in order to REJECT the Null
Weak correlation IF the Coefficient is Close to which number value?
ZERO
STRONG CORRELATION if Coefficient is..
Close to - 1 or 1
Chart that illustrated Performance Measurements over a Period of Time
Run Chart
Chart that Illustrated the LIMITS or Constraints a process should NOT Exceed
Control Chart
Visual TOOL used to understand a Process
Flowchart
EASY Tool used to collect data to Create OTHER Charts
Check Sheet
Graphical DISPLAY of a Data Set with ONE BAR for each Category
Histogram - graphical display CENTERED
and
Pareto - display in Highest to Lowest order
Use this to discover potential Relationships and Correlation between Variables
Scatter Diagram
What % of QUALITY PROBLEMS does Ishikawa claim the 7 TOOLS can Solve?
90 - 95%
Diagram; demonstrates ALL elements that can Influence a Process BEFORE it starts.
SIPOC Supplier Input Process Customer
MANUFACTURING approach to Process Improvement
SIX SIGMA
In MANUFACTURING, what are Statistics used for?
Quality Control
Plan - Do - Study - Act … which step is a Response to Analytical Results?
Act
Shows whether a Results meets Requirements or not..
Attribute
How WELL a Results meets Requirement
Variable
Variations that are accepted as Normal part of the Process
Common Cause Variation
VARIATION from an ABNORMality that Causes LARGE discrepancy in results
Special Cause Variation
MODEL of Designing, Analyzing, and Scoring Tests
IRT (Item Response Theory)
Government vs Private sector and Cost-Benefit Analysis
GOVT Benefits.. not Always Money
… could be flood prevention or welfare
COMPARES 1 individual’s performance to Other individuals
NORM Referenced
COMPARE Individual’s performance to a Standard Score
Criterion Referenced
Management STRATEGY that uses RESULTS as the Central Measurement of Performance
RBM - Results Based Management
Used to count ALL existing cases in a disease
Prevalence
Count ONLY NEW cases in a disease
Incidence (Incidence Rate)
Used to analyze if FUNDING is worth the Outcome of a project
Cost-Benefit Analysis
Performance measure for ONE SPECIFIC goal
KPI
Where multiple KPIs are displayed for the Big Picture
KPI Dashboard - multiple charts are needed
What does a Balanced Scorecard Measure?
CLIF C - Customer L - Learning I - Internal processes F - Financial performance
