C723: Unit 3 Quantitative Analysis Calculations & Data Interpretations

Cyclical Trend

A pattern that tends to repeat itself every few years and is observed over a long time period.

Mean

Average of a set of numbers.

Population

Entire set of data being evaluated.

Bar Chart

Graph showing the frequency of occurrence in each category for qualitative data.

Histogram

Graph showing the frequency of occurrence in each category for quantitative data.

Pie Chart

Graph showing the percentage of occurrence in each category for qualitative data.

Scatter Plot

Graph used to compare two variables to determine if there is a possible relationship between them.

Probability

Mathematical statement about the likelihood of an event occurring.

Median

Middle number in a list of numbers.

Time Series

Resulting set of data points taken over specific time intervals.

Sample

Subset of the population.

Trend

The general upward or downward movement of data over a relatively long period.

Mode

The number that occurs most often in a set of numbers.

Linear Equation

Type of equation when the slope between any two points is constant.

Random Trend

Unpredictable trend in the data.

Seasonal Trend

Upward or downward movement in data that repeats at regular intervals.

Correlation

Used to compare two variables to determine the strength of the linear relationship between them.