6 Types of Analytics

Question 1

What are the four general categories of analyses needed for the exam?

Answer 1

Exploratory data analysis (EDA), performance analysis, trend analysis, link analysis

Question 2

What is EDA?

Answer 2

A general term for analyses used to understand your data better

Question 3

What common types of analyses fall under EDA?

Answer 3

Descriptive statistics, relationships, dimension reduction

Question 4

What are the four categories of descriptive statistics?

Answer 4

• Measures of central tendency
• Measures of dispersion
• Measures of frequency
• Measures of position

Question 5

What do measures of central tendency include?

Answer 5

• Mean
• Median
• Mode

Question 6

What do measures of dispersion explain?

Answer 6

How spread out your data is

Question 7

What are some examples of measures of dispersion?

Answer 7

• Standard deviation
• Range
• Variance
• Min
• Max
• Quartiles

Question 8

How are measures of frequency represented?

Answer 8

Counts, ratios, or percentages

Question 9

What visualization is often used for measures of frequency?

Answer 9

Bar chart or heat maps

Question 10

What is the purpose of relationships in EDA?

Answer 10

To see whether there is a correlation between two variables

Question 11

What is a common visualization used to assess relationships between variables?

Answer 11

Scatter plot

Question 12

What is dimension reduction?

Answer 12

The idea of simplifying data before analysis

Question 13

What are some advanced methods for dimension reduction?

Answer 13

• Principal component analysis (PCA)
• Non-negative matrix factorization (NMF)

Question 14

What is a key step before performing analyses on a dataset?

Answer 14

Understanding basic information about the data

Question 15

What is the function used in Python’s pandas package to get descriptive statistics?

Answer 15

.describe()

Question 16

What command is used to import the pandas package in Python?

Answer 16

import pandas as pd

Question 17

What does the command MyData.info() provide?

Answer 17

A rough description of the dataset

Question 18

What are the common variable types in programming languages?

Answer 18

• Integers
• Floats
• Strings

Question 19

What does the command MyData[‘Age_Bracket’].value_counts() do?

Answer 19

It provides counts of each unique value in the Age_Bracket variable

Question 20

What does the command pd.plotting.scatter_matrix(MyData) create?

Answer 20

A scatter plot matrix of all numerical variables

Question 21

True or False: EDA includes data cleaning and wrangling processes.

Answer 21

False

Question 22

Fill in the blank: EDA encompasses any preliminary information gathering that you must do before you can jump into what you actually want to know, including frequencies, averages, trends, or the _______.

Answer 22

relationships between your variables

Question 23

What is the purpose of using scatter plots in EDA?

Answer 23

To visually assess potential correlations between variables

Question 24

What does the command MyData[‘Total_Spent’].describe() return?

Answer 24

Descriptive statistics for the Total_Spent variable

Question 25

What is the main goal of exploratory data analysis?

Answer 25

To lay the groundwork for later analyses

Question 26

What does the scatter plot matrix display?

Answer 26

Relationships between numerical variables and their distributions

Question 27

What does the distribution of Client_ID indicate?

Answer 27

The distribution is random and does not show any trends.

Question 28

What does the AB_Recode / Client_ID matrix indicate?

Answer 28

Including a categorical variable in this matrix means nothing.

Question 29

What relationship does Client_ID have with Orders and Total_Spent?

Answer 29

Client_ID relates to Orders and Total_Spent.

Question 30

What does Figure 6.8 illustrate?

Answer 30

It shows random scattering without any relationship between Client_ID and other variables.

Question 31

How is the distribution of AB_Recode characterized?

Answer 31

It shows a pretty normal distribution.

Question 32

What makes Age_Bracket an ordinal variable?

Answer 32

It has an inherent order: <21, 21–30, 31–40, 41–50, and >50.

Question 33

Why is a histogram based on a categorical variable like color meaningless?

Answer 33

There is no logical order to the categories.

Question 34

What does the histogram of Orders indicate?

Answer 34

It is skewed to the right and not a normal distribution.

Question 35

What does the scatter plot of Orders and Total_Spent indicate?

Answer 35

There might be a positive relationship between Orders and Total_Spent.

Question 36

What is the focus of performance analysis?

Answer 36

Meeting goals across various metrics.

Question 37

What are KPIs?

Answer 37

Metrics used to gauge performance.

Question 38

What is an example of a common KPI?

Answer 38

Return on investment (ROI).

Question 39

What does project management performance analysis focus on?

Answer 39

Team performance, task completion, and productivity consistency.

Question 40

What type of analytics does process analytics focus on?

Answer 40

The efficiency of a process involving multiple steps.

Question 41

What is trend analysis?

Answer 41

Analyzing trends over time to identify patterns.

Question 42

What is forecasting in trend analysis?

Answer 42

Extending a trendline into the future.

Question 43

What is link analysis?

Answer 43

Tools and techniques explaining the relationships between variables.

Question 44

What are the three main types of link analysis methods?

Answer 44

* Scatter plots * Correlation analyses * Structural Equation Modeling

Question 45

Why is choosing the correct analysis challenging?

Answer 45

There are many analyses for different situations with variations and debates on effectiveness.

Question 46

What do statistical analyses make about data?

Answer 46

Assumptions that must be met for reliable results.

Question 47

What should you include in your list of analyses?

Answer 47

* Purpose of the analysis * Required variables * Assumptions made

Question 48

True or False: The results of an analysis can be reliable even if assumptions are not met.

Answer 48

False.

Question 49

What does EDA stand for?

Answer 49

Exploratory Data Analysis

Question 50

What is the purpose of EDA?

Answer 50

Understanding basic information about your data before performing more advanced analytics

Question 51

What type of analysis focuses on comparing key metrics?

Answer 51

Performance analysis

Question 52

What is trend analysis primarily used for?

Answer 52

Looking at things over time and forecasting future metrics

Question 53

What type of analysis is used to find relationships between variables?

Answer 53

Link analysis

Question 54

What are assumptions in statistical analyses?

Answer 54

A list of prerequisites that must be met

Question 55

Fill in the blank: The three steps to choose the correct statistical analysis are knowing your ______, knowing your ______, and checking your ______.

Answer 55

goal, variables, assumptions

Question 56

True or False: There is a magic bullet that will instantly help you choose the perfect analysis every time.

Answer 56

False

Question 57

What should you do first when picking a specific type of analysis?

Answer 57

Know your goal

Question 58

What is the goal of performance analysis?

Answer 58

Checking the progress of a company, team, or process

Question 59

Which analysis type includes descriptive statistics?

Answer 59

Exploratory Data Analysis

Question 60

What does KPI stand for in the context of performance analysis?

Answer 60

Key Performance Indicator

Question 61

What is the main focus of project management analysis?

Answer 61

Tracking how a team is performing

Question 62

What type of analysis is often used to track how a group of people feels about something?

Answer 62

Trend analysis

Question 63

Fill in the blank: Scatter plots and correlation are part of ______ analysis.

Answer 63

Link

Question 64

What is the first step in the process of choosing an analysis?

Answer 64

Know your goal

Question 65

In the context of analysis, what does it mean to check your assumptions?

Answer 65

Ensure the prerequisites for an analysis are met

Question 66

True or False: You should never make assumptions; confirm everything.

Answer 66

False

Question 67

What is often necessary if you lack the required variables for a specific analysis?

Answer 67

Find or create the necessary variables

Question 68

Which analysis type focuses on tracking the efficiency of a multi-stage process?

Answer 68

Process analysis

Question 69

Fill in the blank: Choosing the correct statistical analysis can be ______.

Answer 69

difficult

Question 70

What is the main goal of exploratory data analysis?

Answer 70

To get a feel for your data and learn the basics about it