Quanti-Reviewer-Flashcards

________- offers the advantage of being able to handle scenarios where outcomes have different theoretical probability of occurring.

________- offers the advantage of being able to handle scenarios where outcomes have different theoretical probability of occurring.

Relative frequency

________- is a branch of mathematics focusing on the analysis of random phenomena.

Probability theory

________- using mathematical techniques to analyze data, such as calculating mean, standard deviations and correlations.

Statistical Analysis

________- is the square root of the variance.

Standard Deviation

________- is the science of disease distribution.

Epidemiology

________- is the most frequently occurring value in a data set.

Mode

________- is the square root of the variance.

Standard deviation

________- refer to a set of statistical and mathematical techniques use to measure, quantify, analyze and interpret data in order to draw conclusions and make predictions.

Quantitative Methods

________ squared test- is a technique used to test the independence of two categorical variables.

Chi

________- is the most frequently occurring value in a data set.

Mode

Provide a systematic and ________ to gathering, analyzing, and interpreting data.

objective approach

________ requires careful planning and design.

Effective visualization

Are used to test hypothesis, make predictions, and ________ about the population based on the sample data.

draw conclusions

________- involve observing and recording data on a particular phenomenon without manipulating any variables.

Observational studies

________- its how spread out the data is from the mean.

Variance

________- is the difference between the largest and smallest values in a data set.

Range

________- are used to draw conclusion or make prediction about a population based on a sample of data.

Inferential statistics

________- is a technique used to model the relationship between two /more variables.

Regression Analysis

________- is a way to summarize categorical data.

Frequency distribution

________- This involve asking a set of standardized questions to a sample of individuals in order to collect data on their attitudes, beliefs, or behaviors.

Surveys

________- where owners can not always turn to their hunches and instincts to run a successful company.

Small business

Analyzing Data- it needs to be analyzed using ________ to identify patterns and relationships between variables.

statistical methods

Defining the ________- to clearly define the ________ or problem that want to investigate.

Research question

Provide a snapshot of the data and for identifying ________ or trend.

patterns

________- no formal calculations, its based on ones beliefs, judgement and personal reasoning.

Subjective probability

________- who are often employed in the ________ industry make primary use of probability, statistics and other data science tools to calculate the probability of uncertain future events occurring over a period of time.

Insurance

________- is the process of using data, statistical and quantitative methods, and computational techniques to uncover insights and make informed decisions.

Analytics

________ are useful for categorical data (such as frequency distributions /contingency ________)

Table

________- providing recommendations or suggestions for action based on the insights and predictions from the data.

Prescriptive analytics

________ is depends n the types of data and the purpose of the analysis.

Presentation format

________ testing- is a technique use to test a(n) ________ about a population parameter.

Hypothesis

________- creating graphical representations of data to communicate patterns and relationships.

Data visualization

Is the process of creating a(n) ________ of a real- world system or problem.

mathematical representation

________ can be presented in various forms (tables, charts or graphs)

Data

Selecting Sample- to select a(n) ________ from the population you are 333studying.

representative sample

________- problems that benefit from subjective probability are those that require some level of belief to make possible.

Subjective

________- using mathematical equations to describe and predict the behavior of complex systems.

Mathematical Modeling

________- is a branch of statistic that involves the collection, presentation and analysis of data.

Descriptive Statistic

________- are used to draw conclusions or make predictions about a population based on a sample of data.

Inferential Statistic

Exploratory ________- analyzing and visualizing the data to understand the patterns and relationships.

Data Analysis

________- cleaning, transforming and structuring the data to make it ready for analysis.

Data Preparation

________- building models to predict future outcomes or behaviors based on historical data.

Predictive Modeling

________- Helps to identify the root cause of a problem or issue.

Diagnostic Analytics

refer to a set of statistical and mathematical techniques used to analyze and interpret data in order to draw conclusions and make predictions

Quantitative methods

data can be collected through a variety of methods, including surveys, questionnaires, experiments, or observational studies

Collecting data

once the data has been collected, it needs to be analyzed using statistical methods to identify patterns and relationship between variables

Analyzing data

This involve asking a set of standardized questions to a sample of individuals in order to collect data on their attitudes, beliefs, or behaviors

Surveys

involve manipulating one or more variables in a controlled setting to measure the effect on other variables

Experiments

involve observing and recording data on a particular phenomenon without manipulating any variables

Observational studies

involves using mathematical techniques to analyze data, such as calculating means, standard deviations and correlations

Statistical analysis

is the process of using data, statistical and quantitative methods, and computational techniques to uncover insights and make informed decisions

Analytics

understanding the business problem or question that needs to be answered

Defining the problem

collecting relevant data from various sources, including internal and external sources

Data collection

cleaning, transforming, and structuring the data to make it ready for analysis

Data preparation

analyzing and visualizing the data to understand the patterns and relationships

Exploratory data analysis

using statistical methods to draw insights and make inferences from the data

Statistical analysis

building models to predict future outcomes or behaviors based on historical data

Predictive modeling

providing recommendations or suggestions for action based on the insights and predictions from the data

Prescriptive analytics

descriptive analytics helps to summarize and describe past events and trends

Descriptive analytics

diagnostic analytics helps to identify the root cause of a problem or issue

Diagnostic analytics

uses statistical models and machine learning algorithms to predict future outcomes based on historical data

Predictive analytics

helps to identify the best course of action to take in a given situation

Prescriptive analytics

is a branch of statistics that involves the collection, presentation, and analysis of data

Descriptive statistics

the first step in analyzing a data set is to determine its measures of central tendency

Measures of central tendency

is the average of all the data points in a data set, it is calculated by adding up all the data points and dividing by the total number of data points

Mean

is the middle value in a data set

Median

is the most frequently occurring value in a data set

Mode

describe the spread or dispersion of a data set

Measures of variability

is the difference between the largest and smallest values in a data set

Range

measures how spread out the data is from the mean

Variance

is the square root of the variance

Standard deviation

is a way to summarize categorical data

Frequency distribution

are used to draw conclusion or make prediction about a population based on a sample of data

Inferential statistics

is a technique used to test a hypothesis about a population parameter, such as the mean or proportion

Hypothesis testing

are a range of values around a sample statistic that is likely to contain the true population parameter with a certain level of confidence

Confidence intervals

is a technique used to model the relationship between two or more variables

Regression analysis

is a technique used to test the independence of two categorical variables

Chi squared test

involves using mathematical equations to describe and predict the behavior of complex systems

Mathematical modeling

the first step in mathematical modeling is to define the problem or system being studied

Define the problem

once the problem has been defined the next step is to create a mathematical model that represents the system or phenomenon

Formulate the model

after the model has been formulated, it is analyzed to understand its properties and behavior

Analyze the model

once the model has been validated, it can be used to explore the behavior of the system under different conditions, make predictions about future outcomes, or optimize the performance of the system, it can be used to make predicts the behavior of the system, it can be used to make predictions or test hypothesis

Validate the model

involves creating graphical representations of data to communicate patterns and relationship of data to communicate patterns and relationship

Data visualization

is a branch of mathematics focusing on the analysis of random phenomena

Probability theory

also known as the axiomatic method, this type of probability involves a set of axioms (rules) attached to it

Classical

this involves looking at the occurrence ratio of a singular event in comparison to the total number of outcomes

Relative frequency

when using the subjective approach probability is the likelihood of something happening based on ones experiences or personal judgment

Subjective probability

is the science of disease distribution

Epidemiology

who are often employed in the insurance industry make primary use of probability, statistics and other data science tools to calculate the probability of uncertain future events occurring over a period of time

Insurance

is used when all probable outcomes have an equal likelihood of happening and every outcome is known in advance

Classical

problems that benefit from subjective probability are those that require some level of belief to make possible

Subjective

draw conclusions and make recommendations

Drawing Conclusions

is often used after data from the experiment has been gathered to compare a subset of data to the total amount of collected data

Relative Frequency

no formal calculations, its based on ones beliefs, judgement and personal reasoning

Subjective probability