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A method used to compute revised probabilities of events based on additional information.

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Clustered-Column Chart - A special type of column (bar) chart in which multiple bars are clustered in the same class to compare multiple variables; also known as a side-by-side-column (bar) chart.

Pie Chart - A graphical presentation used to compare categorical data.

Bubble Chart - A graphical presentation used to visualize three variables in a two-dimensional graph. The two axes represent two variables, and the magnitude of the third variable is given by the size of the bubble.

Scatter Chart Matrix - A graphical presentation that uses multiple scatter charts arranged as a matrix to illustrate the relationships among multiple variables.

Table Lens - A tabular-like visualization in which each column corresponds to a variable and the magnitude of a variable’s values are represented by horizontal bars.

Pivot Chart - A graphical presentation created in Excel that functions similarly to a PivotTable.

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Definition - In this step, the analyst creates a file containing the wrangled data and documentation of the file’s contents, and makes these available to their intended users in a format they can use.

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Definition - In the validating phase, the analyst verifies that the wrangled data are accurate and reliable and that they are ready for the ensuing analyses.

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Definition - In this step, the analyst may augment the raw data by incorporating values from other data sets and/or applying transformations to portions of the existing data to ensure that all data required for the ensuing analyses will be included in the wrangled data set.

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Definition - The goal of the cleaning phase is to find and correct errors in the raw data that might distort the ensuing analyses. This can include addressing missing or incorrect values.

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Definition - In the structuring phase, the analyst arranges the raw data so it can be more readily analyzed in the intended manner.

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Definition - The goal of the discovery phase is for the analyst to become familiar with the raw data in order to be able to conceptualize how it might be used. During this step, the analyst often discovers potential issues that will need to be addressed later in the data wrangling process. Just as data wrangling is a precursor to meaningful analysis, discovery is a precursor to the data wrangling steps that follow, and this step should not be overlooked or neglected.

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Definition - A data-visualization tool that illustrates multiple metrics and automatically updates these metrics as new data become available

Key Performance Indicators - A metric that is crucial for understanding the current performance of an organization; also known as a key performance metric (KPM).

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Choropleth Map - A geographic visualization that uses shades of a color, different colors, or symbols to indicate the values of a variable associated with a region

Cartogram - A map-like diagram that uses geographic positioning but purposefully represents map regions in a manner that does not necessarily correspond to land area.

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Definition - A tabular summary of data for two variables. The classes of one variable are represented by the rows; the classes for the other variable are represented by the columns.

Pivot Table - An interactive crosstabulation created in Excel.

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Heat Map - A two-dimensional graphical presentation of data in which color shadings indicate magnitudes.

Tree Map - A graphical presentation that uses the size, color, and arrangement of rectangles to display the magnitudes of a quantitative variable for different categories, each of which are further decomposed into subcategories.

Waterfall Chart - A graphical presentation that shows the cumulative effect of positive and negative changes on a variable of interest.

Stock Chart - A graphical presentation of stock prices over time.

Parallel-Coordinates Plot - A graphical presentation used to examine more than two variables in which each variable is represented by a different vertical axis. Each observation in a data set is plotted in a parallel-coordinates plot by drawing a line between the values of each variable for the observation.

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Scatter Chart - A graphical presentation of the relationship between two quantitative variables.

Trend Line - A line that provides an approximation of the relationship between variables in a chart.

Line Chart - A graphical presentation of time series data in which the data points are connected by a line.

Sparkline - A special type of line chart that has no axes or labels used to indicate the trend of data but not magnitude.

Bar Charts - A graphical presentation that uses horizontal bars to display the magnitude of quantitative data.

Column Chart - A graphical presentation that uses vertical bars to display the magnitude of quantitative data.

Stacked-Column Chart - A special type of column (bar) chart in which multiple variables appear on the same bar.

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When to use a table?

1. the reader needs to refer to specific numerical values.

2. the reader needs to make precise comparisons between different values and not just relative comparisons.

3. the values being displayed have different units or very different magnitudes.

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Definition - Features such as color, size and length that can be used in a data visualization to reduce the cognitive load required by the user to interpret the visualization.

Cognative Load - The amount of effort necessary to accurately and efficiently process the information being communicated by a data visualization.

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Scatter Chart - A graphical presentation of the relationship between two quantitative variables. One variable is shown on the horizontal axis and the other on the vertical axis.

Covariance - A measure of linear association between two variables. Positive values indicate a positive relationship; negative values indicate a negative relationship

Correlation Coefficient - A standardized measure of linear association between two variables that takes on values between −1 and +1.

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1. Approximately 68% of the data values will be within 1 standard deviation of the mean.

2. Approximately 95% of the data values will be within 2 standard deviations of the mean.

3. Almost all of the data values will be within 3 standard deviations of the mean.

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Percentile - A value such that approximately p% of the observations have values less than the pth percentile.

Quartile - The 25th, 50th, and 75th percentiles

Z-Score - A standardized value and denotes the number of standard deviations that x is from the mean.

Outlier - An unusually large or unusually small data value.

Box Plots - A graphical summary of data based on the quartiles of a distribution.

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Range - A measure of variability defined to be the largest value minus the smallest value.

Variation - A measure of variability based on the squared deviations of the data values about the mean.

Standard Deviation - A measure of variability computed by taking the positive square root of the variance.

Coefficient of Variation - A measure of relative variability computed by dividing the standard deviation by the mean and multiplying by 100.

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Mean - A measure of central location computed by summing the data values and dividing by the number of observations.

Median - A measure of central location provided by the value in the middle when the data are arranged in ascending order.

Mode - A measure of central location defined as the value that occurs with greatest frequency.

Geometric Mean - A measure of central location that is calculated by finding the nth root of the product of n values.

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Cross-Sectional - Data collected at the same or approximately the same point in time.

Time Series - Data that are collected over a period of time (minutes, hours, days, months, years, etc.).

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Quantitative - Data for which numerical values are used to indicate magnitude, such as how many or how much. Arithmetic operations such as addition, subtraction, and multiplication can be performed on quantitative data.

Categorical - Data for which categories of like items are identified by labels or names. Arithmetic operations cannot be performed on categorical data.

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Population - The set of all elements of interest in a particular study.

Sample - A subset of the population.

Random Sampling - Collecting a sample that ensures that (1) each element selected comes from the same population and (2) each element is selected independently.

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Volume - Data at rest, terabytes to exabytes of existing data to process.

Velocity - Data in motion, streaming data, milliseconds to seconds to respond.

Variety - Data in many forms, structured, unstructured, text, multimedia.

Veracity - Data in doubt, uncertainty due to data inconsistency & incompleteness, ambiguities, latency, deception, model approximations.

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Definition -Any set of data that is too large or too complex to be handled by standard data-processing techniques and typical desktop software.

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Descriptive - Analytical tools that describe what has happened.

Predictive - Techniques that use models constructed from past data to predict the future or to ascertain the impact of one variable on another.

Prescriptive - Techniques that analyze input data and yield a best course of action.

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Definition - The scientific process of transforming data into insight for making better decisions.

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1. Identify and define the problem.

2. Determine the criteria that will be used to evaluate alternative solutions.

3. Determine the set of alternative solutions.

4. Evaluate the alternatives.

5. Choose an alternative.

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Strategic, Tactical, and Operational Decision Making

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Strategic, Tactical, and Operational Decision Making

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Strategic - How the company defines its goals and objectives.

Tactical - How the company achieves its goals and objectives.

Operational - How the company is run day to day.

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Definition - The process of cleaning, transforming, and managing data so it is more reliable and can be more easily accessed and used for analysis.

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Venn Diagram - A graphical representation of the sample space and operations involving events, in which the sample space is represented by a rectangle and events are represented as circles within the sample space.

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Discrete Uniform - A probability distribution in which each possible value of the discrete random variable has the same probability.

Binomial - A probability distribution for a discrete random variable showing the probability of x successes in n trials.

Poisson - A probability distribution for a discrete random variable showing the probability of x occurrences of an event over a specified interval of time or space.

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Continuous Uniform - A continuous probability distribution for which the probability that the random variable will assume a value in any interval is the same for each interval of equal length.

Exponential - A continuous probability distribution that is useful in computing probabilities for the time it takes to complete a task or the time between arrivals. The mean and standard deviation for an exponential probability distribution are equal to each other.

Normal - A continuous probability distribution in which the probability density function is bell shaped and determined by its mean M and standard deviation Sigma.

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Null Hypothesis - The hypothesis tentatively assumed to be true in the hypothesis testing procedure (Ho).

Alternate Hypothesis - The hypothesis concluded to be true if the null hypothesis is rejected (Ha).

Type 1 Error - The error of rejecting Ho when it is true.

Type 2 Error - The error of accepting Ho when it is false.

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Definition - The process of using sample data to calculate a range of values that is believed to include the unknown value of a population parameter.

Margin of Error - The ± value added to and subtracted from a point estimate in order to develop an interval estimate of a population parameter.