Week 2

Question 1

Classic Analytics

Answer 1

Manual data collection -> Reports

Pros- Simplistic – Record Keeping – Consistency – Apt for the use

Cons- Time consuming – Expensive – Prone to human error – Limited Scope - Lagged

Question 2

Modern Analytics (Dashboard)

Answer 2

Automated data collection -> Automated Reports – Dashboards – Analytics

Pros-Real time (Almost) –Integrated (not always) – Less chances of errors – Expandable Scope

Cons-Cons – Costly – Need for Infrastructure and resources – Unknown Risks –

Question 3

Measures of central tendency

Answer 3

Average/median and mode

Skewness

Question 4

Types of average

Answer 4

Simple
Sum of observations or data / number of observations or data points

Weighted
Average with different importance to different observations

Moving

Question 5

Skewness

Answer 5

measure of asymmetry that indicates whether the observations in a dataset are concentrated on one side

Right or positive skewness means that the outliers are to the right (long tail to the right)

Left or negative skewness means that the outliers are to the left

Question 6

Measures of variability

Answer 6

Min
Max
Range
Standard deviation
% of change (Index)

Question 7

Standard Deviation

Answer 7

Is the square root of the variance

It is important to note that it has two equations for sample and population data