Business Statistics Practice Quiz

These flashcards cover key concepts and definitions from Business Statistics, useful for review and exam preparation.

Time Series Data

Data that is collected at different points in time.

Median

The middle value in a data set when the values are arranged in order.

Z-Score

A statistical measurement that describes a value's relationship to the mean of a group of values.

Prescriptive Analytics

Type of analytics that recommends actions based on data analysis.

Coefficient of Determination (R²)

Proportion of variability in the dependent variable explained by the regression model.

Slope Coefficient

Indicates the change in Y variable for a one-unit change in the X variable in regression analysis.

Least Squares Method

A method used in regression analysis to minimize the sum of the squared differences between observed and predicted values.

Veracity

Refers to the trustworthiness and accuracy of data, one of the Four V's of Big Data.

Cross-Sectional Data

Data collected at a single point in time across multiple subjects.

Population Standard Deviation

A measure of the average deviation of observations from the mean in a population.

Mean

The average value obtained by dividing the sum of values by the number of values.

Range

The difference between the maximum and minimum values in a data set.

Dependent Variable

The variable in a regression model that is being predicted or explained.

Intercept

The predicted value of the dependent variable when all independent variables are zero.

Extrapolation

Using a regression model to predict outcomes outside the range of the data used to create the model.

Data Dashboard

A tool that displays real-time data metrics in a single overview.

Patient Medical Records

Confidential information about patients typically not publicly available.

Descriptive Analytics

Analytics techniques that summarize historical data to provide insight.

Regression Equation

A mathematical equation that describes the relationship between dependent and independent variables.

Simple Linear Regression

A statistical method that models the relationship between a dependent variable and one independent variable using a straight line.