Module 3: Visualization Techniques Flashcards
What is a ‘bar plot’?
- Its a chart used to compare values of a small number of observations
- X - axis represents the observations
- Y axis represents their values characcterised by the height of the bar
What can bar plots also allow us to do?
- Analyze th evolution of a small number of observations
What is a ‘comovement’?
-Its a term used to describe the observed relationship between two series
What does a positive co-movement mean?
- It means the two series are moving in the same direction on average
What does a negative co-movement mean?
- It means the two series are moving in opposite directions on average
What should I remember about co-movements?
- Just because their is co-movement does not imply an actual relationship exists.
What does a histogram mean?
- Its a particular bar chart that illustrates the distribution of a series or a variable
- The range of the series (min-max) is divided into intervals and the height of the bae corresponds to the number of observations included in each interval.
- The Y axis shows the number of observattions that we have in each intrval represented by the bas eof the rectangle
What is a line chart?
- This is a graph that presents a successive (sequence) of observations connected by lines.
A line chart is typically used to show the evolution of a sries through time.
- The x axis represnts the time
- The y-axis represents the value of the observatis and the points connected by the line
What does a relationship mean?
It describes the link between two variables
What does an indirect/direct relationship mean?
- A direct realtion means if one variable is causing the other
- An indirect relationship is if ne variable is causing the other through a third variable
Whats an example of a direct and indirect relationship?
Direct - co2 emission is causing global warmig
Indirect - Is when theres cold weather comes causes snow and people buy shovels
What does a scatter plot mean?
- Its a chart used to illsurate comovement between two series
- The x axis represents the values of one series
- The y axis represents the value of another series
-The points are not usually connected by lines
What is co-movement?
- Its an observed reltionship
- Its not a direct or indirect relationship as it this implicates that their linked together
What does ‘short term fluctuations’ mean?
- This is the behavior of series over shorter periods of time
- How we define it as movement of a series over a few months, quarter or years
What is trending behavior?
- This is the behavior of a series on average over a long period of time
- Long period indicates the period spanned by our dataset
- A positive trend indicates the series is increasing on average over the period
- A negative trend indicates that the series is decreasing on average over the period.
What does ‘volitaty’ mean?
- This term describes the intensity of the short ter flucutations