DATA ANALYTICS Flashcards
(39 cards)
What is data analytics?
The process of examining raw data to extract meaningful insights and draw conclusions
Involves collecting, cleaning, transforming, and analyzing data.
What is descriptive analytics?
Descriptive analytics answers ‘what happened?’ and is used to describe outcomes to stakeholders
Focuses on summarizing past data.
What does diagnostic analytics investigate?
Diagnostic analytics answers ‘why things happened?’ and digs deeper to find causes behind trends and outcomes
Involves identifying anomalies and collecting related data.
What is the focus of predictive analytics?
Predictive analytics answers ‘what will happen in the future?’ using historical data to identify trends
Involves statistical and machine learning techniques.
What does prescriptive analytics suggest?
Prescriptive analytics answers ‘what should be done?’ and recommends data-driven decisions
Relies on machine learning strategies.
What is data?
Data refers to raw, unprocessed facts, figures, or values that have no inherent meaning until analyzed
Exists in various forms such as numbers, text, images, or symbols.
Define a dataset.
A structured collection of related data points, typically stored in databases, spreadsheets, or tables
Arranged in rows and columns for easier analysis.
What is information?
Information is data that has been processed, analyzed, or organized in a meaningful way for decision-making
Provides insights and context.
Name a tool for data visualization.
Microsoft Power BI
A business intelligence tool for data visualization.
What does the Excel function SUM() do?
Adds a range of numbers
Example: =SUM(A1:A5)
What is a variable in data analysis?
A specific characteristic or attribute of an observation, represented as a column in a dataset
Can be numerical or categorical.
What is an observation?
An observation represents a single unit of analysis, such as a person, transaction, or event
Corresponds to a row in a dataset.
Define a categorical variable.
A categorical variable represents qualitative data consisting of distinct categories or groups without numerical meaning
Examples include ‘Gender’ or ‘Payment Method’.
What is a nominal variable?
A nominal variable has categories with no meaningful order or ranking
Examples: ‘Eye Color’ or ‘Country of Residence’.
What is an ordinal variable?
An ordinal variable has categories with a meaningful order or ranking, but differences are not uniform
Example: ‘Customer Satisfaction’.
What defines numerical variables?
Numerical variables represent measurable quantities and can be expressed in numbers
Allow mathematical operations.
Define a continuous variable.
A continuous variable can take an infinite number of values within a range
Often represents measurements with decimal components.
What is a discrete variable?
A discrete variable represents countable, distinct values without fractional components
Examples: number of students in a classroom.
What is data collection?
The process of gathering and evaluating information from multiple sources to address research problems
Essential for research and decision-making.
What is primary data collection?
Primary data collection involves gathering original data directly from the source
Methods include surveys, interviews, observations, experiments, and focus groups.
What are published sources in secondary data collection?
Data that has already been collected and made publicly available by authors or organizations
Includes books, articles, and industry reports.
What is random sampling?
A technique where every individual in the population has an equal chance of being selected
Aims to reduce selection bias.
What is stratified sampling?
Stratified sampling divides the population into distinct groups and selects a random sample from each group
Ensures proportional representation.
What is structured data?
Structured data refers to organized information stored in a predefined format, typically in rows and columns
Commonly found in relational databases.
