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There are two main types of statistics (analytics):
✔✔ Descriptive and Inferential
Descriptive statistics are used to:
✔✔ Inform or explain existing data
Inferential statistics are used to:
✔✔ Predict outcomes or identify trends
What are the four levels of measurement?
✔✔ (NOIR)
• Nominal – Categorize or label data
• Ordinal – Rank or order data
• Interval – Numeric data with equal spacing, but no true zero
• Ratio – Numeric data with equal spacing and a true zero point
What is continuous data that includes a true zero point?
✔✔ Ratio
What type of data involves equally spaced values, but lacks a true zero?
✔✔ Interval
What level of measurement ranks qualitative data without equal spacing?
✔✔ Ordinal
What level of measurement simply classifies or labels without order?
✔✔ Nominal
What type of error is caused by extreme outliers?
✔✔ Out-of-Range Error
, What type of error is random and lacks any predictable pattern?
✔✔ Random Error – No correlation
What type of error results from missing data (e.g., blank fields)?
✔✔ Omission Error – Can distort results
What type of error occurs repeatedly and introduces consistent bias?
✔✔ Systematic Error – Leads to skewed results
What is the purpose of quality control in research?
✔✔ To reduce or minimize the occurrence of errors
What type of study gives the researcher full control over variables and
treatments?
✔✔ Experimental Study
What type of study is used when variables cannot be controlled?
✔✔ Observational Study
What is a Blind Study?
✔✔ Participants do not know whether they are in the treatment or control group
What is a Double-Blind Study?
✔✔ Neither the participants nor the administrators know group assignments
What does the term "treatments" refer to in a study?
✔✔ The procedures or interventions applied to study subjects
What is Information Bias?
✔✔ Occurs when questions or the way they're asked favor a specific outcome
What is Expected Monetary Value (EVM) Analysis?
✔✔ A prediction of average financial outcomes based on different possible future
scenarios
How can outliers affect results?
✔✔ They may skew data; can be included or excluded depending on context