Module 1 Flashcards
Descriptive Analytics
Past Data; Inform/Explantory
Descriptive Analytics deals with analyzing past data.
Predictive Analytics
Past Data to Predict Future
Predictive Analytics uses past data to predict future outcomes.
Prescriptive Analytics
Past Data to Predict future + Optimizing (changing)
Prescriptive Analytics uses past data to predict future outcomes and optimize by making changes.
Systematic Error
Error that repeats itself; Will not fix itself, you have to fix it.
Systematic Error requires intervention to be resolved.
Random Error
Unpredictable Error; Will fix itself, goes away with you fixing it.
Random Error disappears once the issue is addressed.
Outlier
Is a number in the dataset that are different from others.
An outlier is a data point that significantly differs from the rest.
Out of Range Error
When you made a mistake.
Out of Range Error occurs when an error is made in data input.
Omission
Missing important information, causing inaccurate results.
Omission refers to leaving out crucial data that impacts accuracy.
Reliable Data
Consistent & Repeatable
Reliable Data is data that is consistent and can be replicated.
Valid Data
Measures what is intended to be measured
Valid Data accurately measures the intended aspect.
Measurement Bias
Non-Representative Sample; Non-Random Sample. Sample has to be 30 or more.
Measurement Bias can be reduced by ensuring a representative sample of at least 30.
Information Bias
Ignoring the purpose of the information collected; non-truthful answers.
Information Bias occurs when the purpose of data collection is disregarded.
Big Data
Both structured & unstructured data that is too large to process using traditional database & software.
Big Data refers to large volumes of data that require specialized tools for processing.
Data Mining
Process of discovering patterns in large data sets.
Data Mining involves extracting patterns from extensive datasets.
Structured Data
Organized, easily searchable (e.g., rows, colums).
Structured Data is organized and searchable, typically found in databases and spreadsheets.
Unstructured Data
Unorganized, harder to process (e.g., emails, videos, social media posts).
Unstructured Data lacks organization and is challenging to process, such as emails, videos, and social media posts.
Nominal
Names or Labels w/ no order (NO NUMBER)
Nominal level of measurement consists of names or labels with no inherent order.
Ordinal
Order Matters; categories in order (NO NUMBERS)
Ordinal level of measurement involves categories with a specific order.
Interval
Orders with equal gaps, no real zero (e.g. temperature) (NUMBER)
Interval level of measurement has equal intervals between values but no true zero point.
Ratio
Like Interval but with a Real Zero (height, weight) (NUMBER)
Ratio level of measurement is similar to interval but includes a true zero point.
Optimization
Best Choice
Decision Analysis
Helps makes the best choice by weighing risks and rewards
Simulation
Helps you see what might happen
Davenport-Kim 3 Stage Model:
- Frame the Problem
- Solving the Problem
- Communicating Results
Davenport-Kim 3 Stage Model:
Framing the Problem
-Problem Recognition
-Review of Previous Findings
Davenport-Kim 3 Stage Model:
Solving the Problem
-Choose the Model
-Collect the Data
-Analyze the Data
Davenport-Kim 3 Stage Model:
Communicating Results
-Communicate Results
-Act on Results
Qualitative Research
Explores ideas & experiences through non-numerical data (i.e., textual, visual, or oral)
Quantitative Research
Quantifies the problem using numerical data; Measurements & Analytics.
Experimental Study
Researchers manipulate variables to observe effects, allowing for causation inference.
3 Elements of Experimental Study
- Experimental Units - Participants/Objects
- Treatments - procedure applied to participants/object
- Responses - the effect of the Experimental treatment
Observational Study
Researchers observe without interference, identifying correlations but not causation.
Correlation
A relationship where two variables move together, but one doesn’t cause the other.
Association vs. Causation
Association is a link of 2 variables; Causation is a direct effect of 1 variable.
