Bus Analytics 13. How are traditional parameters (MEAN, SD, VARIANCE) used in ti

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Bus Analytics

13. How are traditional parameters (MEAN, SD, VARIANCE) used in time series data?

14. Relative to business analytics what is UNCERTAINTY?

15. Relative to business analytics what is OPTIMIZATION?

16. Relative to business analytics what is SENSITIVITY ANALYSIS?

17. Relative to business analytics what is DECISION TREES?

18. Relative to business analytics what are SIMULATION MODELS, both MONTE CARLO, DISCRETE, and CONTINUOUS? Which of the three does the book address?

19. Relative to business analytics what is BIG DATA?

20. Relative to business analytics what is MODELING: GRAPHICAL, ALGEBRAIC, SPREADSHEETS, PHYSICAL?

21. Relative to business analytics what is POPULATION versus SAMPLE?

22. Relative to business analytics what is INFERENCE?

23. Relative to business analytics what is PREDICTIVE?

24. Relative to business analytics what is EXTRAPOLATED (difference between Inference and extrapolation)?

25. Relative to business analytics is NUMERICAL DATA discrete or continuous?

26. Relative to business analytics what is CATEGORICAL DATA?

27. Relative to business analytics what is ORDINAL CATEGORICAL DATA?

28. Relative to business analytics what is NOMINAL CATEGORICAL DATA?

29. Relative to business analytics what is DUMMY VARIABLE?

30. Relative to business analytics what is BINNED VARIABLE?

31. Relative to business analytics what is CROSS SECTIONAL DATA?

32. Relative to business analytics what is TIME SERIES DATA?

33. Relative to business analytics what is MIN?

34. Relative to business analytics what is MAX?

35. Relative to business analytics what is MEAN?

36. Relative to business analytics what is MODE?

37. Relative to business analytics what is MEDIAN?

38. Relative to business analytics what is VARIANCE?

39. Relative to business analytics what is STANDARD DEVIATION (SD)?

40. Relative to business analytics what is SKEWEDNESS?

41. Relative to business analytics what is KURTOSIS?

42. Relative to business analytics what is BI-MODEL?

43. Relative to business analytics what is PERCENTILES?

44. Relative to business analytics what is QUARTILES?

45. Relative to business analytics what is MEAN ABSOLUTE DEVIATION (MAD) and its relationship to SD?

46. Relative to business analytics what is HISTOGRAMS?

47. Relative to business analytics what is PARETO CHARTS?

48. Relative to business analytics what is BOX PLOT?

49. Relative to business analytics what is FREQUENCIES?

50. Relative to business analytics what is TIME SERIES GRAPH?

51. Relative to business analytics what are OUTLIERS?

52. Relative to business analytics what are MISSING VALUES?

53. Relative to business analytics what are TABLES in EXCEL (arrays)?

54. Relative to business analytics what is COEFFICIENT OF VARIATION (what is it and why would we use this ratio)?

55. Relative to business analytics what is STANDARDIZATION AND STANDARDIZED VARIABLE?

56. Relative to business analytics what is LUDIC FALLACY?

57. Relative to business analytics what is Z SCORE?

58. Relative to business analytics what is T SCORE?

59. Relative to business analytics what is F TEST?

60. Relative to business analytics what is HYPOTHESES TESTING (steps please)?

61. Relative to business analytics what is CENTRAL LIMIT THEOREM?

62. Relative to business analytics what is CONFIDENCE TESTING?

63.Why do we have three explanations for centrality: MODE, MEAN, and MEDIAN?  

Explanation / Answer

35. Relative to business analytics what is MEAN?

Mean is the average of the total number of observations under consideration. This is a measure of central tendency that tells us the central behaviour of data . It tells us what would is the generic behaviour of the data . It is used for numeric variables that can be measured on a number scale

36. Relative to business analytics what is MODE?

Mode is generally used for categorical values , values that cant be measured on a number scale. Such as level of education , marital status etc. It is the most frequent value of the data . So the categpory that appears the most in a dataset is consider as the mode .

37. Relative to business analytics what is MEDIAN?

Median is also a measure of the cenral tendency of the variable. It is the middle value of the data , after sorting the data in the ascending order. If the number of the observartions is even , then the middle value is mid observation . if the records are even , then the median is the average of the middle 2 values of the dataset.

unlike mean , It is resistant to outliers in the data and is generally used when the data is skewed , either positive or negative.

38. Relative to business analytics what is VARIANCE?

Variance tells us the spread of the data . This means that how far the data is spread from the central measure of the data set. It also tells us the total number of points that are within the given sd of the data .

Variance is also the square of the standard deviation of the data

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