Analytics Concepts

Reliability

Consistency of a measurement or assessment

Validity

Degree to which a measure assesses/ predicts what it is intended to

Correlation

Degree to which two variables are associated; does not prove causation

Regression analysis

Estimates relationships between an outcome and one or more predictor values

Descriptive Statistics

Summarize and describe characteristics of a dataset

Benchmarking

Comparing performance/ processes against relevant standards or comparison groups

Predictive analytics

Uses historical/current data to estimate likely future outcomes

Why use a control/comparison group?

Helps estimate whether an observed outcome is attributable to the intervention

What are inferential statistics

Using sample data to draw conclusions about a larger population

Mean vs median vs mode

Choosing the appropriate measure of central tendency

Standard deviation

Interpretating how widely values vary around the mean

What are inferential statistics?

Using a sample data to draw conclusions about a larger population

Mean vs Median vs Mode

Mean= Average
Median= Middle Value
Mode= Most Frequent Value
Median is less affected by outliers

What does standard deviation measure?

How spread-out data values are around the mean. Higher SD= greater variability

What is variance?

The average squared deviation from the mean. Standard deviation is the square root of variance.

Scatterplot vs histogram

Scatterplot= relationship between two numerical variables
Histogram= frequency distribution of one numerical value

What is statistical significance

Evidence that an observed result is unlikely under the null hypothesis, based on a chosen significance level (often p < .05)

Leading vs lagging indicators

Leading= measures that help anticipate future outcomes
Lagging= measures of results already achieved

What is data integrity?

Accuracy, completeness, consistency, and reliability of data throughout its lifecycle

Qualitative vs. quantitative data

Qualitative= descriptive, nonnumerical information

Quantitative= numerical, measurable information

HR metrics vs. HR analytics

Metrics track and report measures; analytics examines patterns and relationships to inform decisions