Needed Review Areas Flashcards
R-squared
range from 0 to 1
CLOSE To ZERO - data not aligned (r-squared is HIGH).. graph spread out
CLOSE TO 1 - error is SMALL, data close alignment to regression line
one of each variable I and D = correlation coefficient
Time-Series
Time is INDEPENDENT variable to assess influence may have on output
More then ONE independent variable
multiple regression
5 Data PATTERNS
Trend Cyclicality Seasonality Irregularity Random Variation
General slope Upward or Downward over a LONG period of time
Trend
Repetition of up (peaks) or down movements (troughs) that follow or counteract a business cycle that can last several years.
Cyclicality
Regular pattern of volatility, usually within a single year.
Seasonality
ONE-TIME deviation from unforeseen circumstances (war, pandemic, etc)
Irregularity
variability of a process which might be caused by irregular fluctuations due to chance that cannot be anticipated,
detected, or eliminated.
random variation
can be applied when the dependent variable is a categorical, binary variable, such as male/female,
dead/living, gas/electric, etc
logistic regression
occurs when a given data point on a time series analysis is affected by a previous data point for that time
series
autocorrelation
(durbin watson statistic)
check for this when under Time Series
occurs when all of the random variables have the same general finite variance..
data
points in a scatterplot stay approximately the same distance away from the regression line throughout the entire dataset.
Homerscedasticity
OLS regression (ordinary least squares)
Useful in Marketing, Medicine, Soc Media, Education
Cluster Analysis
is designed to establish a logical
sequence for decisions, to consider the decision alternatives available, and to evaluate the results they will produce… limted # potential outcomes possible
Decision Tree
Focus on customers
Lean processes - eliminate anything not adding value to customers
PDCA Cycle - work with customer to create best possible product
Tools for Strong Leadership
Tree Diagrams
Process Decision Program Charts
Focus on the process.. useful when focus on the process of managing resources
SIPOC - Supplier Input Process Output Customer
Continuous improvement
PDCA - to create best possible process or product
ISO Certification
can useful making fact-based decisions when looking at quality because it measures the
performance and determines areas that need improvement.
Six Sigma
four-step method for testing hypotheses and solving
problems. The cycle is based on the scientific method
PDCA
Plan - identify prob, develop plan
Do - run Experiment to see if plans will work on small scale
Check - analyze results; can be improved?
Act - enact change on larger scale; part of normal operations
uses OBSERVED data to determine the changes that have to be made to a process or procedure
Quality CONTROL
uses PROJECTED data to make the best possible model or procedure before that model or procedure is applied
rEFINE PROCESSES
quality ASSURANCE
Uncover defects; Assess performance and recommend corrective action; recognize prob so can fix; Inspection and Repair; REACTIVE
Quality Control
PREVENT defects from occuring; assess Capability; understand intricacies of system and predict outcomes; PROACTIVE
quality ASSURANCE
