Data Analytics: Descriptive, Predictive, and Prescriptive Analytics

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Which term describes the set of all data or variables in a statistical analysis?

Element

Observation

Population (correct)

Sample

What type of data uses numeric measures for analysis?

Categorical

Ordinal

Quantitative (correct)

Cross-sectional

In statistical analysis, what does the term 'Descriptive Statistics' aim to do?

Describe data or variables (correct)

Estimate characteristics of a population

Analyze time series data

Test hypotheses about a sample

What is the purpose of Statistical Inference?

Make estimates and test hypotheses about a population Signup and view all the answers

In the context of data analytics, what does 'Sample' refer to?

A subset of the population Signup and view all the answers

What distinguishes big data from traditional data?

'Big data' involves large volumes and varied sources Signup and view all the answers

What type of analytics focuses on finding the best or optimal solution using models?

Prescriptive Analytics Signup and view all the answers

Which of the following is not a key characteristic that distinguishes big data from regular data?

Validity Signup and view all the answers

A frequency distribution for categorical data $x$ would show the $y$ values representing the:

Number of observations in each category of $x$ Signup and view all the answers

Which type of analytics is used to predict future outcomes or the impact of one variable on another?

Predictive Analytics Signup and view all the answers

Which characteristic of big data refers to the speed at which data is collected and generated?

Velocity Signup and view all the answers

Data mining is the process of finding insights and patterns in data that were ___ previously.

Unanticipated Signup and view all the answers

What measure of central tendency is equal to the median in a symmetric distribution?

Mean Signup and view all the answers

Which of the following measures variability based on the difference between each data point and the mean?

Variance Signup and view all the answers

If a data set is skewed to the left, what is the sign of its skewness?

Negative Signup and view all the answers

What is the measure of relative variability expressed as a percentage?

Coefficient of variation Signup and view all the answers

What measure represents the range of the middle 50% of the data?

Interquartile range Signup and view all the answers

Which of the following statements about percentiles is true?

The pth percentile divides the data into two parts, with p% of observations below it. Signup and view all the answers