Statistics & Analytics
Fundamentals – Study
Guide, Data Analysis,
Review & Practice
Questions
Updated Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Statistics The science of uncertainty and extracting information from data through collecting,
analyzing, and presenting it.
Why Study Statistics? To answer questions, make informed decisions, understand uncertainty, and avoid
being misled by data.
Statistic A summary measure of data.
Descriptive Statistics Methods of describing and summarizing data using tabular, visual, and quantitative
techniques.
Business Analytics (BA) Using data, IT, statistical analysis, and quantitative models to gain insights and
make decisions.
Descriptive Analytics Uses data to understand past and current performance; answers "What happened?"
Predictive Analytics Uses historical data to identify patterns and predict future outcomes; answers "What
do we expect to happen?"
Prescriptive Analytics Identifies best alternatives to minimize or maximize an objective; answers "What
should we do?"
Data Numbers or textual data collected through some type of measurement process.
Information The result of analyzing data and extracting meaning to support decision-making.
Big Data Massive amounts of business data from many sources, often available in real time.
Reliability Data are accurate and consistent.
Fundamentals – Study
Guide, Data Analysis,
Review & Practice
Questions
Updated Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Statistics The science of uncertainty and extracting information from data through collecting,
analyzing, and presenting it.
Why Study Statistics? To answer questions, make informed decisions, understand uncertainty, and avoid
being misled by data.
Statistic A summary measure of data.
Descriptive Statistics Methods of describing and summarizing data using tabular, visual, and quantitative
techniques.
Business Analytics (BA) Using data, IT, statistical analysis, and quantitative models to gain insights and
make decisions.
Descriptive Analytics Uses data to understand past and current performance; answers "What happened?"
Predictive Analytics Uses historical data to identify patterns and predict future outcomes; answers "What
do we expect to happen?"
Prescriptive Analytics Identifies best alternatives to minimize or maximize an objective; answers "What
should we do?"
Data Numbers or textual data collected through some type of measurement process.
Information The result of analyzing data and extracting meaning to support decision-making.
Big Data Massive amounts of business data from many sources, often available in real time.
Reliability Data are accurate and consistent.
