Basic Vocab
The facts and figures collected, analyzed, and summarized for presentation and interpretation
What is a Variable?
All elements of interest
Population
Data on which numeric and arithmetic operations, such as addition, subtraction, multiplication, and division, can be performed
Quantitative Data
Involve higher-level issues concerned with the overall direction of the organization and Define the organization’s overall goals and aspirations for the future
Strategic decisions
Encompasses the set of techniques that describes what has happened in the past
Descriptive Analysis
Set of values corresponding to a set of variables
Observation
Subset of the population
Sample
Data on which arithmetic operations cannot be performed
Categorical Data
Concern how the organization should achieve the goals and objectives set by its strategy and Are usually the responsibility of midlevel management
Tactical decisions
A request for information with certain characteristics from a database
Data query
The difference in a variable measured over observations
Variation
A sampling method to gather a representative sample of the population data
Random Sampling
Data collected from several entities at the same, or approximately the same, point in time
Cross-sectional Data
Affect how the firm is run from day to day and are the domain of operations managers, who are the closest to the customer
Operational decisions
Consists of techniques that use models constructed from past data to predict the future or ascertain the impact of one variable on another
Predictive Analysis
A quantity whose values are not known with certainty
Random variable/uncertain variable
Data collected over several time periods
Time Series Data
To make strategic, tactical, or operational decisions
Managers responsibility
A set of data that cannot be managed, processed, or analyzed with commonly available software in a reasonable amount of time
Big data
The facts and figures collected, analyzed, and summarized for presentation and interpretation
Data