Intro to Business Analytics and categories of data, methods

Question 1

what is observational data

Answer 1

data that exists or is created without manipulating variables

Question 2

what is experimental data

Answer 2

data created with a purpose, control, and manipulation of variables

Question 3

what is descriptive data

Answer 3

data without ascribing “giving cause or reason to”

Question 4

what is inferential data

Answer 4

ascribing (giving cause or reason), or making an assertive statement

Question 5

what are the three types of inferential data

Answer 5

Association - variables that move together
predicitive - variables that can predict others
causal - variables that cause change to others

Question 6

what is business analytics

Answer 6

continuous interactive exploration and investigation of past business performance to gain insight on and drive business planning

utilizing data to increase shareholder value

Question 7

what is the definition of statistics

Answer 7

basically turning data into information

Question 8

why do we use statistics in management

Answer 8

to drive and improve decision making, problem solving, and processes

Question 9

what is standard deviation

Answer 9

tells how spread out the numbers are from the average

Question 10

what is a control chart?

Answer 10

a tool used to understand variation. uses measurements and statistical limits (UCL, LCL)

Question 11

what are the three types of data?

Answer 11

Binary
Count
Continuous

Question 12

what is binary data?

Answer 12

simple data with two options - yes/no, good/bad, pass/fail

Question 13

what is count data

Answer 13

data that is counted, always a whole number.
number of ______

Question 14

what is continuous data

Answer 14

data that can be anything else, sales, times, anything per _______

Question 15

what do you do if something is consistent and accurate?

Answer 15

monitor and do something else

Question 16

what do you do if something is consistent but not acceptable

Answer 16

make a Pareto chart and work on improvement

Question 17

if something is not acceptable what are the three strategies you can do

Answer 17

1. build a cross functional team
2. assign an internal expert (if you have one)
3. hire a consultant (last hope)

Question 18

if something is not acceptable what are the 7 tactics you can try to change?

Answer 18

1. change the average
2. reduce variation
3. change the specs
4. outsource
5. live with it
6. ship and pray

Question 19

what is a check sheet?

Answer 19

a simple tool used to gather data

Question 20

What is continuous Data?

Answer 20

columns only contain numeric data in the order

Question 21

What is ordinal data

Answer 21

columns contain numeric or character data types and are in order of the sequence

Question 22

what is nominal data

Answer 22

discrete values, no order