Statistical Techniques Flashcards
What is time series analysis?
The examination of historical data that occurs over time, often with the intention of using the data to forecast future data.
What is a trend in data?
The underlying movement in the data, once seasonal and random movements have been stripped away.
What are seasonal variations?
Repeating pattern regular variations in data that occur in a repeating pattern.
What is extrapolation of data?
Using information about a known range of data to predict data outside the range.
What is deseasonalised data?
Data that has had seasonal variations stripped away.
What is linear regression?
Using a mathematical formula to demonstrate the movement of data over time.
What are index numbers?
A sequence of numbers used to compare data, usually over a time period.
What is probability?
The likelihood of an event occurring, expressed as a decimal between 0 and 1.
What is a probability distribution?
The range of outcomes linked to their probabilities that will total 1.0.
What is expected value?
The weighted average outcome, based on the sum of all the outcomes multiplied by their probabilities.
What is sensitivity analysis?
The analysis of uncertain data to establish the impact of different outcomes.
