Karteikarten
Chapter 3 Key Terms
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- 1Alternative HypothesisThe opposite of the null hypothesis, or a potential result that the analyst may expect.
- 2Benford’s lawThe principle that in any large, randomly produced set of natural numbers, there is an expected distribution of the first, or leading, digit with 1 being the most common, 2 the next most, and down successively to the number 9.
- 3causal modelingA data approach similar to regression, but used to test for cause-and-effect relationships between multiple variables.
- 4classificationA data approach that attempts to assign each unit in a population into a few categories potentially to help with predictions.
- 5clusteringA data approach that attempts to divide individuals (like customers) into groups (or clusters) in a useful or meaningful way.
- 6co-occurrence groupingA data approach that attempts to discover associations between individuals based on transactions involving them.
- 7data reductionA data approach that attempts to reduce the amount of information that needs to be considered to focus on the most critical items (e.g., highest cost, highest risk, largest impact, etc.).
- 8decision boundariesTechnique used to mark the split between one class and another.
- 9decision support systemAn information system that supports decision-making activity within a business by combining data and expertise to solve problems and perform calculations.
- 10decision treeTool used to divide data into smaller groups.
- 11descriptive analyticsProcedures that summarize existing data to determine what has happened in the past. Some examples include summary statistics (e.g., Count, Min, Max, Average, Median), distributions, and proportions.
- 12diagnostic analyticsProcedures that explore the current data to determine why something has happened the way it has, typically comparing the data to a benchmark. As an example, these allow users to drill down in the data and see how they compare to a budget, a competitor, or trend.
- 13digital dashboardAn interactive report showing the most important metrics to help users understand how a company or an organization is performing. Often created using Excel or Tableau.
- 14dummy variableA numerical value (0 or 1) to represent categorical data in statistical analysis; values assigned a 1 indicate the presence of something and 0 represents the absence.
- 15effect sizeUsed in addition to statistical significance in statistical testing; effect size demonstrates the magnitude of the difference between groups.
- 16interquartile range (IQR)A measure of variability. To calculate the IQR, the data are first divided into four parts (quartiles) and the middle two quartiles that surround the median are the IQR.
- 17link predictionA data approach that attempts to predict a relationship between two data items.
- 18null hypothesisAn assumption that the hypothesized relationship does not exist, or that there is no significant difference between two samples or populations.
- 19overfittingAmodeling error when the derived model too closely fits a limited set of data points.
- 20predictive analyticsProcedures used to generate a model that can be used to determine what is likely to happen in the future. Examples include regression analysis, forecasting, classification, and other predictive modeling.
- 21prescriptive analyticsProcedures that work to identify the best possible options given constraints or changing conditions. These typically include developing more advanced machine learning and artificial intelligence models to recommend a course of action, or optimizing, based on constraints and/or changing conditions.
- 22profilingA data approach that attempts to characterize the “typical” behavior of an individual, group, or population by generating summary statistics about the data (including mean, standard deviations, etc.).
- 23regressionA data approach that attempts to estimate or predict, for each unit, the numerical value of some variable using some type of statistical model.
- 24similarity matchingA data approach that attempts to identify similar individuals based on data known about them.
- 25structured dataData that are organized and reside in a fixed field with a record or a file. Such data are generally contained in a relational database or spreadsheet and are readily searchable by search algorithms.
- 26summary statisticsDescribe the location, spread, shape, and dependence of a set of observations. These commonly include the count, sum, minimum, maximum, mean or average, standard deviation, median, quartiles, correlation covariance, and frequency that describe a specific measurable value.
- 27supervised approach/methodApproach used to learn more about the basic relationships between independent and dependent variables that are hypothesized to exist.
- 28support vector machinesA discriminating classifier that is defined by a separating hyperplane that works first to find the widest margin (or biggest pipe).
- 29test dataA set of data used to assess the degree and strength of a predicted relationship established by the analysis of training data.
- 30time series analysisA predictive analytics technique used to predict future values based on past values of the same variable.
- 31training dataExisting data that have been manually evaluated and assigned a class, which assists in classifying the test data.
- 32underfittingA modeling error when the derived model poorly fits a limited set of data points.
- 33unsupervised approach/methodApproach used for data exploration looking for potential patterns of interest.
- 34XBRL (eXtensible Business Reporting Language)A global standard for exchanging financial reporting information that uses XML.
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- Karteikarten am Chapter 3 Key Terms, erstellt von Matthew Evans am 30/01/2023.
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