C207 Flashcards Flashcards by Contina Walters

There are two types of statistics
(Analytics)

Descriptive and Inferential

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Descriptive statistics are used to ______.

Inform / Explanatory

Past Data

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Inferential statistics are used to ______.

Predict / Trend

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Name the 4 levels of measurement.

Nominal, Ordinal, Interval, Ratio

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Continuous data with unique zero-point

Ratio

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Orders data at equal distance apart

Interval

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Place qualitative objects in some kind of
order

Ordinal

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Identify, Group, or Categorize
Names/Labels

Nominal

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Outliers create this type of error

Out-of-Range

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Unpredictable error?

Random Error – No correlation

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Error may occur from missing data.
(Example: Space not filled in)

Omission Error – Distorted results

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This error repeats itself

Systematic Error – Skewed results

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What is the process of quality control?

Reduce/ minimize errors

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All variable measurements and
manipulations are under the
researcher’s control

Experimental study

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Used when impractical or impossible to control the conditions of the study

Observational study

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Participants are not told if they are in the treatment group or control group

Blind Study

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The procedure the researcher applies to each subject

Treatments

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Neither the treatment allocator nor the participants know who is in the
treatment group or control group

Double-blind study

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Questions favor an outcome or the
interviewer asks questions that favor an outcome.

Information Bias

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The average outcome (payoff) when the future includes scenarios that may or may not happen

Expected Monetary Value (EMV)

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Observation points that are distant from other observations.

Outliers

Note: Can be included or excluded in analysis (causes skewness)

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Bias that occurs from not selecting a random sample

Measurement bias

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Bias introduced because respondents believe it will be beneficial if selected.

Conscious bias

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Each of the four quartile groups a population can be divided into?

Quartiles

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Measures the difference between the third and first quartile. Q3 - Q1

IQR: Inter-quartile range Note: Must be ordered in lowest to highest value

A chart used to study the composition of a data set and examine the distribution

Box Plot

There are six toll booths to enter the highway. What probability does each toll booth worker have of getting the next customer?

1 customer and 6 booths = 1/6 or 16.7%

The order you pick your sample in does not matter?

Combination Picking employees for a shift. Order doesn’t matter.

When given P(A) given P(B), you can use this to find the P(B) given P(A). KEYWORD: GIVEN THAT

Bayes Theorem You must know P(A), P(B), P(A) given B

Apply this rule when looking for two events occurring. KEYWORDS: AND, ALL, BOTH, EVERY, IN A ROW

Multiplication Note: Multiply Principle calculates Intercepts

Use this rule when looking for one or the other event happening. KEYWORD: OR, EITHER, OTHER

Addition Note: Addition Principle calculates a Union

A technique for minimize total cost or maximize profit based on constraints. KEYWORD: Product Mix; Minimize; Maximize; Optimize

Linear programming

A technique using a single independent variable to predict a single dependent variable. KEYWORD: relationship; correlation; R-squared; scatter plot; Predict; Trend

Linear regression

A technique using more than one independent variable to predict a single dependent variable

Multiple regression

Measures the strength of a linear relationship

Correlation coefficient

Measures the goodness of fit in a regression analysis. KEYWORD: Goodness of Fit; 0 Weak Fit; 1 Strong Fit.

R-Square

A simple regression using time as the independent variable. KEYWORD: Time

Time series

A general slope upward or downward over a period of time

Trend

Unforeseen circumstances causing random deviations

Irregularity

Repetition in up and down patterns

Cyclicality

Regular pattern within a single year

Seasonality

Represents the probability that a variable falls with a certain range

Cumulative distribution

A list of all the different probabilities of each outcome that can occur

Probability Distribution

Measures of central tendency are approximately equal (Mean and Median)

Normal Distribution

Used to compare the mean of three or more groups. KEYWORD: Compare, Average, 3

ANOVA

What test statistic does ANOVA use?

F-value must be higher than critical value to reject the null

T-test uses this test statistic. KEYWORD: 2, Average

T-value must be higher than critical value to reject the null

A correlation is weak if the coefficient is close to ____.

Zero

A correlation is strong if the coefficient is close to ____.

1 or -1

A chart that Illustrates performance measurements over a period of time

Run Chart

A chart that Illustrates limits or constraints a process should not exceed. KEYWORD: In limits

Control Chart

Assists in brainstorming issues that are causing a problem. KEYWORD: Process Identification (Why)

Cause and Effect Diagram

A charts that uses a visual tool to understand a process. KEYWORD: Process Identification (Where)

Flowchart

Easy tool to collect data to create other charts

Check Sheet

Graphical display of a data set with one bar for each category

Histogram and Pareto

A chart that has a Graphical display of data set centered. KEYWORD: Distribution (Centered)

Histogram

Graphical display of data set in highest to lowest order. KEYWORD: Distribution (Highest to lowest)

Pareto

A chart used for potential relationships and correlation between variables KEYWORD: Relationship

Scatter diagram

Can the seven tools be used independently?

Yes

What percent of quality problems does Ishikawa claim the seven tools can solve?

90% - 95%

Diagram demonstrating all of the elements that can influence a process before it starts.

SIPOC (Supplier – Input – Process – Output – Customer)

Manufacturing approach to improving processes.

Six Sigma

In manufacturing, statistics is used for:

Quality Control

Plan - Do – Study – Act Which step is a response to analytical results?

Act

Shows whether a result meets a requirement or not

Attribute

Shows how well a result meets the requirement

Variable

Variations accepted as the normal part of the process

Common cause variation

Variation from an abnormality causing large discrepancy in results

Special cause variation

Model of designing, analyzing, and scoring tests

IRT: Item Response Theory

How does the government differ than private sector cost-benefit analysis?

Government benefits aren’t always money. Could be flood prevention or welfare.

Compares one individual’s performance to other individuals

Norm Referenced

Compare individual’s performance to a standard score (Example: Cut Score 64%)

Criterion referenced

Management strategy that uses results as the central measurement of performance

RBM: Results Based Management

What is Big Data?

Very large data sets

Used to count ALL of the existing cases in a disease.

Prevalence

Used to count only the NEW cases of a disease. KEYWORD: new case.

Incidence (Incident rate)

Used to analyze if funding is worth the outcome of a project

Cost-benefit analysis

Performance measure for one specific goal. KEYWORD: Performance

KPI – Key performance indicator

What does a balanced scorecard measure?

CLIF – (customer, learning, internal process, financial performance) Are we meeting the strategy?

Advantage or Disadvantage of balanced score card? Requires time and effort to establish a meaningful scorecard l scorecard

Disadvantage

Advantage or Disadvantage of balanced score card? Improves Internal and External Communication

Advantage

Multiple KPIs are displayed for the big picture

KPI dashboard More than one chart is needed

Advantage or Disadvantage: Balanced Scorecard: Difficult to maintain momentum

Disadvantage

Advantage or Disadvantage: Balanced Scorecard: Improves organizational alignment

Advantage

Advantage or Disadvantage: Balanced Scorecard: Links strategy to organizational results

Advantage

Disadvantage or Advantage: KPI: Data driven results make it easier to quantify performance

Advantage

Advantage or Disadvantage: KPI: Data driven results make it easier to quantify performance

Advantage

Advantage or Disadvantage: KPI: Difficult to change once set up

Disadvantage

C207 Flashcards

(88 cards)