Intro to Business Analytics and categories of data, methods Flashcards
what is observational data
data that exists or is created without manipulating variables
what is experimental data
data created with a purpose, control, and manipulation of variables
what is descriptive data
data without ascribing “giving cause or reason to”
what is inferential data
ascribing (giving cause or reason), or making an assertive statement
what are the three types of inferential data
Association - variables that move together
predicitive - variables that can predict others
causal - variables that cause change to others
what is business analytics
continuous interactive exploration and investigation of past business performance to gain insight on and drive business planning
utilizing data to increase shareholder value
what is the definition of statistics
basically turning data into information
why do we use statistics in management
to drive and improve decision making, problem solving, and processes
what is standard deviation
tells how spread out the numbers are from the average
what is a control chart?
a tool used to understand variation. uses measurements and statistical limits (UCL, LCL)
what are the three types of data?
Binary
Count
Continuous
what is binary data?
simple data with two options - yes/no, good/bad, pass/fail
what is count data
data that is counted, always a whole number.
number of ______
what is continuous data
data that can be anything else, sales, times, anything per _______
what do you do if something is consistent and accurate?
monitor and do something else
what do you do if something is consistent but not acceptable
make a Pareto chart and work on improvement
if something is not acceptable what are the three strategies you can do
- build a cross functional team
- assign an internal expert (if you have one)
- hire a consultant (last hope)
if something is not acceptable what are the 7 tactics you can try to change?
- change the average
- reduce variation
- change the specs
- outsource
- live with it
- ship and pray
what is a check sheet?
a simple tool used to gather data
What is continuous Data?
columns only contain numeric data in the order
What is ordinal data
columns contain numeric or character data types and are in order of the sequence
what is nominal data
discrete values, no order
