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Business analytics
The scientific process of transforming data into insight for making better decisions
Descriptive analytics
Describes what has happened in the past using statistics and data visualization
Predictive analytics
Uses models built from past data to predict the future or measure the impact of one variable on another
Prescriptive analytics
Finds the best course of action to take using optimization models
Crosstabulation
A type of table used to describe data involving two variables simultaneously
Scatter chart
Shows the relationship between two quantitative variables; can include a trendline
Trendline
A line added to a scatter chart that approximates the relationship between two variables
Line chart
Displays quantitative data collected over time with points connected by a line
Bar chart
Uses horizontal bars to compare categorical data
Column chart
Uses vertical bars to compare categorical data
Bubble chart
Visualizes three quantitative variables in 2D using x-axis, y-axis, and bubble size as the third variable
Heat map
A 2D representation using shades of color to indicate magnitude; built in Excel using Conditional Formatting
Stacked column chart
Compares relative values of multiple quantitative variables within the same category stacked on top of each other
Clustered column chart
Alternative to stacked column chart that places bars side by side instead of stacking
Time series
A sequence of observations on a variable measured at successive points in time
Horizontal pattern
Data fluctuates randomly around a constant mean with no trend or seasonality
Trend pattern
A gradual upward or downward shift in values over a longer period of time
Seasonal pattern
A recurring pattern that repeats over successive periods of time
Trend and seasonal pattern
A time series that exhibits both a gradual shift over time and a repeating recurring pattern
Dummy variable
A 0 or 1 variable used to represent a categorical variable in regression; k categories require k−1 dummy variables
Reference category
The omitted category in dummy variable regression whose effect is captured by b₀
Dependent variable
The variable being predicted or forecasted in regression; denoted by y
Independent variable
The variable used to predict the dependent variable in regression; denoted by x
Linear trendline regression
ŷₜ = b₀ + b₁t where t is the time period; used when a time series has a trend pattern
Qualitative forecasting
Uses expert judgment to develop forecasts; does not require historical data
Quantitative forecasting assumption
The past is prologue — historical patterns are assumed to continue into the future