Descriptive analytics is the process of organizing, analyzing, and interpreting data to describe trends and patterns. It can be used to summarize data, calculate measures of central tendency, and identify outliers. Descriptive analytics can be used to understand how a system is performing, what factors are affecting performance, and how to improve performance. What is … Read more
Data context refers to the frame of reference within which data is interpreted. This frame of reference includes the specific environment in which data is collected and analyzed, as well as the individual assumptions and biases of the people who are interpreting the data. Data context is important because it can have a major impact … Read more
A scatter plot is a type of plot that shows the relationship between two variables. The variables are plotted on a graph, and the relationship is shown by how close the data points are to each other. Scatter plots are used to show relationships between variables. The closer the data points are to each other, … Read more
Alternative data is data that is not typically used in financial analysis and decision-making. This can include data sources such as social media, web traffic, and satellite data. Alternative data can provide insights into trends and patterns that may not be apparent using traditional data sources. Alternative data can be used to complement or replace … Read more
A macrotrend is a long-term trend that significantly affects a wide range of people and industries. It is usually a result of structural changes in the economy or society. For businesses, macrotrends can provide opportunities for growth and market expansion. They can also pose risks, since they can disrupt existing business models and lead to … Read more
Sampling error is the difference between a population parameter and a sample statistic. A population parameter is a value that describes the entire population. A sample statistic is a value that describes a sample. The sampling error is the difference between the population parameter and the sample statistic. For example, suppose we want to know … Read more
Structured data is data that is organized in a specific format. This format can be a table, a list, or a set of rules. Structured data is easy to read and understand, and it can be easily processed by computers. Unstructured data, on the other hand, is data that is not organized in a specific … Read more
The term “Single source of truth (SSOT)” refers to the practice of storing data in a single central location. This central location can be either a physical location or a digital repository. The main advantage of using a SSOT is that it allows for easier data management and ensures that all users are working with … Read more
The law of averages is a statistical principle that states that a certain result is inevitable if a large enough number of trials are conducted. For example, if a coin is flipped 100 times, the law of averages dictates that there will be approximately 50 heads and 50 tails. This principle can be applied to … Read more
Availability bias is a cognitive bias that refers to the tendency for people to give more weight to information that is more readily available to them. This can lead to distorted judgments and decision-making. For example, people may be more likely to believe that a certain event is more likely to happen if they can … Read more
