Summary measures, distributions, chart choice and data storytelling for managers.
42 cards · basic cards · AI-written, checked twice. Edit anything.
- What is the mean in a dataset?
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The average value, calculated by summing all observations and dividing by the count.- When is the median more useful than the mean?
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When the data contains outliers or is skewed, since median is unaffected by extreme values.- What is the mode in a distribution?
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The most frequently occurring value or category in the dataset.- Define variance.
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The average of squared deviations from the mean, measuring how spread out the data is.- What is standard deviation?
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The square root of variance, expressing the average distance of observations from the mean in the original units.- What does the range tell you?
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The difference between the maximum and minimum values, showing the span of the data.- What is the interquartile range (IQR)?
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The range between the 25th and 75th percentiles, capturing the middle 50% of the data.- Describe a normal distribution.
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A bell-shaped, symmetric distribution where mean, median and mode are equal, and most data clusters near the center.- What is positive skewness?
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A distribution with a tail stretching to the right, where the mean is greater than the median.- What is negative skewness?
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A distribution with a tail stretching to the left, where the mean is less than the median.- What does kurtosis measure?
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The heaviness of the tails and the sharpness of the peak in a distribution.- When should you use a bar chart?
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To compare categorical data across different groups or categories.- What is a histogram used for?
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To display the distribution of a continuous variable by grouping data into bins and showing frequencies.- When is a line chart the best choice?
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When showing trends over time or continuous relationships between two variables.- What does a scatter plot reveal?
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The relationship and correlation between two continuous variables, and whether patterns or clusters exist.
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