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BUSINESS STATISTICS#1

The application of statistical methods to analyze business data for informed decision-making.

DATA-DRIVEN DECISIONS#2

Decisions made based on data analysis rather than intuition or personal experience.

KEY PERFORMANCE INDICATORS (KPIs)#3

Measurable values that demonstrate how effectively a company is achieving key business objectives.

STATISTICAL TOOLS#4

Software and methods used to collect, analyze, and interpret data in business contexts.

PROBABILITY THEORY#5

A branch of mathematics dealing with the likelihood of different outcomes.

DESCRIPTIVE STATISTICS#6

Statistical methods that summarize and describe data characteristics.

INFERENTIAL STATISTICS#7

Techniques that allow conclusions to extend beyond the immediate data alone.

REGRESSION ANALYSIS#8

A statistical method for modeling the relationship between dependent and independent variables.

ANOVA#9

Analysis of variance; a statistical method used to compare means among three or more groups.

TIME SERIES ANALYSIS#10

Techniques used to analyze time-ordered data points to identify trends and patterns.

DATA VISUALIZATION#11

The graphical representation of information and data to facilitate understanding.

DATA CLEANING#12

The process of correcting or removing inaccurate records from a dataset.

EXPLORATORY DATA ANALYSIS (EDA)#13

Analyzing data sets to summarize their main characteristics, often using visual methods.

HYPOTHESIS TESTING#14

A statistical method to determine if there is enough evidence to reject a null hypothesis.

MACHINE LEARNING#15

A subset of artificial intelligence that enables systems to learn from data and improve over time.

STRATEGIC PLANNING#16

The process of defining a business's direction and making decisions on resource allocation.

FEEDBACK LOOPS#17

Processes in which outputs of a system are circled back and used as inputs.

DATA COLLECTION#18

The systematic gathering of information for analysis and decision-making.

KPI DASHBOARD#19

A visual display of key metrics used to monitor business performance.

STAKEHOLDER ENGAGEMENT#20

The process of involving individuals or groups who may be affected by a business's decisions.

PRESENTATION DESIGN#21

The process of creating visual aids to effectively communicate information.

ACTIONABLE INSIGHTS#22

Conclusions drawn from data analysis that can be acted upon to improve business outcomes.

BUSINESS ANALYTICS#23

The skills, technologies, practices for continuous iterative exploration, and investigation of past business performance.

DATA INTERPRETATION#24

The process of making sense of numerical data and drawing conclusions.

COLLABORATION WITH DATA TEAMS#25

Working together with data professionals to enhance decision-making processes.