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OMIS 324 Exam 1
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Terms in this set (86)
What are the five characteristics of data?
-Variety
-Velocity
-Veracity
-Value
-Volume
What does descriptive analytics do?
Summarizes results for all/part of your business
"What happened and why?"
(one of the 3 types of analytics)
Descriptive
What does predictive analytics do?
-Helps inform low complexity decisions
-Helps makes educated guesses at likely results
"What might happen?"
(one the 3 types of analytics)
Predictive
What does prescriptive analytics do?
-Have control over what is being modeled thus making it more effective
-Used for important COMPLEX or TIME-SENSITIVE decisions to make
Numerical or textual facts and figures collected from a process would be considered as
Data
What is called when a MEANING is extracted from data?
Information
Data set
A collection of data
Database
Collection of RELATED FILES containing records on people, places, or things
On a data set what are the records
1) vertical
2)horizontal
Vertical
What is a metric?
A unit of measurement that provides a way to objectively quantify performance
What are the two types of data?
-Primary
-Secondary
Examples of primary data
-survey
-experiment
Examples of secondary data
- censuses
-annual report
What are measurement?
Numerical values associated with a metric
What are the types of Metrics?
-Discrete
-Continuous
The type of metric that is derived from counting something
Discrete
Continuous Measurement
Based on continuous scale of measurement
Ex. Dollars, lenght, time, volume, or weight
Types of measure
-Categorical Data
-Ordinal Data
-Interval Data
-Ratio Data
Which type of measurement is sorted into categories?
Categorical
The measurement where things are ranked or put in order, no arbitrary zero points
Ordinal
Interval Data
Ordinal but have constant difference between observations and have arbitrary zero points
The measurement where there is a natural zero
Ratio Data
Ex. Weight, Height
Step in problem solving with analytics
1. Recognizing a problem
2. Defining the problem
3. Structuring the problem
4. Analyzing the problem
5. Interpreting results and making a decision
6. Implementing the solution
What reference in Excel has dollar signs ($) in before the Letter and number? ex. $A$2
Absolute refernece
What does Absolute reference do?
If a formula where to have an absolute reference in it and it were to be dragged, Excel will make sure that the cell referenced will not be changed.
Different types of Charts
-Scatter Charts
- Line Charts
- Bars
- Horizontal bar Chart
- Pie Charts
What does a scatter charts display?
Show the relationship between two variables
What must a bar chart have to be ethical?
A zero baseline
Which bar chart has an emphasis comparing the categories listed in the legend?
Clustered Charts
Which categories does the stacked emphasize?
the ones in the horizontal axis
The seven data story types
-Change over time
-Drill down/Zoom in
-Drill up/ Zoom out
-Contrasts
-Intersections
-Factors
-Outliers
Population
An interest group or target market
Sample
A subset of the population. A population within a population
The four measures of locations
-Mean
-Median
-Mode
-Midrange(Range)
Can an outlier affect the value of a mean?
Yes definitely
What is a median?
Specifics the middle value when the data are arranged from LEAST to GREATEST
Can an outlier affect a median?
Nope
Can an outlier affect the value of mode?
No
What is the EXCEL formula for multiple modes?
=MODE.MULT(data range)
Can a outlier affect a midrange?
Yes
What is the midrange?
The AVERAGE of the greatest and least value in the data set
What is the range?
=MAX(data range) - MIN(data range)
When should the range be used?
For small data sets
Can the range be affected by outliers?
Yes
What are the variance formulas to use for a sample and population?
=VAR.P(data range) for a population
=VAR.S(data range) for a sample
How do you know the degree of skewness?
If the tail is heading to the left it is negative. If the tail is heading to the right it is positive
Positive Skewness
mode < median < mean
Negative Skewness
Mean < median < mode
What refers to the peakedness or flatness of a historgram?
Kurtosis
If a kurtosis is CK <3
it indicates the data is somewhat flat with a wider degree of dispersion.
CK > 3 is the exact opposite of this
Which of the two, covariance or correlation, measures the linear association between of X and Y
Covaraince
What is the range that correlation has?
(-1,1)
What is expressed as values 0%-100%?
Probability
What is the process that results in an outcome?
Experiment
Rule 1 of Probabilities
The probability of an event is the sum of the probabilities of the outcome that comprise that event
Rule 2 of Probabilities
The probability of the complement of any event A is P(A^c)=1-P(A)
Rule 3 of Probabilities
If events A and B are mutually exclusive, then P(A or B) = P(A) + P(B)
Rule 4 of Probabilities
If two events A and B are not mutually exclusive, then P(A or B)= P(A) + P(B) - P(A and B)
Rule 5 of Probabilities
If event A is comprised of the outcome {A1, A2, ... An} and event B is comprised of the outcomes {B1,B2, ..., Bn} then P(Ai) = P(Ai and B1) + P(Ai and B2) + .... + P(Ai and Bn)
What is the intersection of two events?
Joint probability
Marginal Probability
The probability of an event, irrespective of the outcome of the other joint event
What is are the method for sampling?
-Judgement Sampling
-Convenience Sampling
Convenience Sampling
Samples are selected based on the ease with which the data can be collected
Judgement Sampling
Expert judgement is used to select the sample
The different kinds of sampling
-Simple Random
-Systematic/Periodic
- Stratified
-Cluster
For which kind of sampling are every subset is given an equal chance of being selected?
Simple Random
What does it mean or what is systematic/periodic sampling?
Every (nth) item is selected from a population
Can a sampling error be totally avoided?
Nope
Why do sampling errors occur?
B/C samples are only subsets of a population
What happens to the sampling error as the sample size increases?
It decreases
They will be considered as dimensions in tableua
categorical data
Based on judgment and experience
subjective sampling
Null hypothesis
Existing Theory
Who, what, how
The factors of the background of the presentation
z-score
relative distance from the mean
Looking for trends against something i.e date
Line chart
These function return two values
Logic function
It can demonstrate 3 variables in two dimensions
Bubble charts
It is used to understand past and current business decision
Descriptive
Is the collection of all the possible outcomes of an experiment
Sample space
It refers to the error that is due to the sample not representing the target population
Non sampling error
This test involves a single population parameter
one-sample hypothesis test
It refers to two events have no outcome in common
Mutually exclusive
it refers to the distributuion formed by the means of all means possible samples of a fixed size n of population
Sample distribution of the means
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