Business Analytics

Business Analytics

Using data to make better business decisions.

Data

Facts or information collected for analysis.

Structured Data

Data organized in rows and columns.

Unstructured Data

Data without a set format, like emails or videos.

Data Set

A collection of related data.

Element

The person, object, or thing being studied.

Variable

A characteristic that can change.

Measurement

Assigning a value to a variable.

Qualitative Data

Data describing categories.

Quantitative Data

Data measured with numbers.

Cross-Sectional Data

Data Collected at one point in time.

Time Series Data

Data collected over time.

Population

The entire group being studied.

Sample

A smaller group taken from a population.

Statistical Inference

Using a sample to learn about a population.

Nominal Scale

Categories with no ranking.

Ordinal Scale

Categories that can be ranked.

Interval Scale

Numeric data with equal intervals but no true zero.

Ratio Scale

Numeric data with equal intervals and a true zero.

Confidential Data

Data restricted to authorized access.

Anonymous Data

Data without identifying information.

Data Provenance

The history and source of data.

Data Source

Where data comes from.

Descriptive Analytics

Explains what happened.

Predictive Analytics

Predicts what may happen.

Prescriptive Analytics

Recommends what to do.

Business Problem

An issue an organization wants to solve.

Data Preparation

Organizing data for analysis.

Data Cleaning

Fixing data errors and missing values.

Data Accuracy

How correct data is.

Data Integrity

Data's compliance with rules and requirements.

Data Consistency

Data matches across systems.

Data Completeness

Important data is not missing.

Data Timeliness

Data is available when needed.

Point-of-Sale (POS) System

System that records customer purchases.

Clickstream Data

Data from website clicks and activity.

Social Media Data

Data from social media interactions.

Internet of Things (IoT)

Connected devices that collect and share data.

Sensor Data

Data collected by sensors.

Data Broker

Company that collects and sells data.

Survey Data

Information collected through surveys.

Dichotomous Question

Question with two answer choices.

Multiple Choice Question

Question with several answer choices.

Open-Ended Question

Question answered in your own words.

Content Analysis

Finding patterns in written responses.

Participant Consent

Permission to participate in a study.

Random Sampling

Sampling that gives individuals a random chance of selection.

Sampling Frame

List of population members eligible for selection.

Simple Random Sampling

Randomly selecting individuals from a population.

Stratified Sampling

Sampling from each population subgroup.

Cluster Sampling

Randomly selecting entire groups.

Systematic Sampling

Selecting every nth person.

Non-Probability Sampling

Sampling without random selection.

Convenience Sampling

Selecting the easiest people to reach.

Judgment Sampling

Selecting people based on researcher judgment.

Volunteer Sampling

Sampling people who choose to participate.

Sampling Bias

A sample that does not represent the population.

Undercoverage Bias

Some population groups are left out.

Nonresponse Bias

Selected people do not respond.

Histogram

Graph showing the distribution of numerical data.

Bin

An interval grouping values in a histogram.

Frequency

Number of times a value occurs.

Distribution

The pattern of data values.

Center

The middle or typical value of a distribution.

Spread

How much data values vary.

Symmetric Distribution

Both sides have similar shapes.

Right-Skewed Distribution

Distribution with a tail extending right.

Left-Skewed Distribution

Distribution with a tail extending left.

Uniform Distribution

Values occur at roughly equal frequencies.

Bimodal Distribution

Distribution with two peaks.

Outlier

Value far from most other values.

Skewness

How asymmetrical a distribution is.

Scatterplot

Graph showing the relationship between two variables.

Positive Relationship

Both variables move in the same direction.

Negative Relationship

Variables move in opposite directions.

No Relationship

No clear pattern between variables.

Linear Relationship

Relationship that follows a straight-line pattern.

Nonlinear Relationship

Relationship that follows a curved pattern.

Strength of Relationship

How closely data follows a pattern.

Correlation Coefficient (r)

Measures the strength and direction of a linear relationship.

Positive Correlation

Variables tend to increase together.

Negative Correlation

One variable tends to decrease as the other increases.

Perfect Positive Correlation

Correlation coefficient r = +1.

Perfect Negative Correlation

Correlation coefficient r = -1.

Trend

Long-term increase or decrease over time.

Seasonality

Pattern that repeats at regular intervals.

Cyclical Variation

Changes associated with business or economic cycles.

Random Variation

Unpredictable changes in data.

Forecasting

Predicting future values.

No Trend

Data has no consistent long-term increase or decrease.

Dashboard

Visual display of key data and KPIs in one place.

KPI (Key Performance Indicator)

Measurable value used to track progress toward a goal.

Gauge Chart

Shows KPI performance compared with a target.

Bullet Graph

Shows a measure, performance ranges, and a target.

Treemap

Uses nested rectangles to display hierarchical data.

Sparklines

Small charts showing trends over time.

Bubble Chart

Shows variables using X-axis, Y-axis, bubble size, and color.

Drill Down

Moves from summary data to more detailed data.

Data Literacy

Ability to understand, analyze, and communicate data.

Diagnostic Analysis

Examines past data to explain why something happened.