ACCT318 Chapter 10 Study Guide

Data Visualization

A means of presenting the results of analysis in an accessible way through charts or graphs

A) outside

An outlier showing on a box plot will typically appear _____________________ the maximum or minimum value within the expected range A) outside B) inside

A) predictive

Correlations, scatter plots, regression results, and time series analysis are generally associated with ___________________ analytics A) predictive B) prescriptive C) diagnostic D) descriptive

Trends

General direction something is going.

chronologically

Line charts should always be sorted _______________________

B) chronological; trend

Line charts should only be shown in _________________ order to emphasize ____________________ A) descending; trend B) chronological; trend C) alphabetical; proportion D) ascending; proportion

diagnostic

Match the data visualization most associated to its type of data analysis (descriptive, diagnostic, predictive, or prescriptive) Select all that apply Box plots

prescriptive

Match the data visualization most associated to its type of data analysis (descriptive, diagnostic, predictive, or prescriptive) Select all that apply Breakeven graph

descriptive

Match the data visualization most associated to its type of data analysis (descriptive, diagnostic, predictive, or prescriptive) Select all that apply Histograms

descriptive

Match the data visualization most associated to its type of data analysis (descriptive, diagnostic, predictive, or prescriptive) Select all that apply Line and bar charts

descriptive

Match the data visualization most associated to its type of data analysis (descriptive, diagnostic, predictive, or prescriptive) Select all that apply Pie charts

diagnostic & predictive

Match the data visualization most associated to its type of data analysis (descriptive, diagnostic, predictive, or prescriptive) Select all that apply Scatter plot

Box Plot

Represent the distribution of a dataset

C) trend line

Scatter plots are more meaningful if they include a ________________________ A) time series prediction B) box plot C) trend line D) categorical variable

Correlation

A measure of how much the change in one measure impacts a change in the other measure Values can be anywhere between -1 and 1 which are often expressed in percentages

Dashboard

A report that contains a collection of useful visualizations and tables to check business progress and drive decisions

B) ratio data

Accounting figures and money are most likely to be shown as _______________________ A) interval data B) ratio data C) nominal data D) ordinal data

logically

Bar charts should be sorted ______________

Descriptive Statistics

Brief summaries (or factoids) of a data set that provide a representation of the data set as a whole. The basic statistics, including the mean, standard deviation, minimums, and maximums of a data set.

Horizontal axis Vertical axis Scale Tick marks Data series Data point

Charts and graphs for structured data typically display what 6 components?

close to 0

Close to or Far from? For the correlation to be considered low the correlation value will be _______________ 0

closer to -1 or 1

Closer to or Farther from? For correlation between two measures to be considered high, the correlation value is _________________ -1 or 1

scatter plot

Correlation can be enhanced with a visualization such as a _______________ _______________

Categorical Data

Data tend to be represented by words

A) Box plots

Diagnostic analytics includes which type of visualizations? A) Box plots B) Scatter plots C) Pivot charts D) Times series

prescriptive

Match the data visualization most associated to its type of data analysis (descriptive, diagnostic, predictive, or prescriptive) Select all that apply Tables displaying sensitivity analysis

predictive

Match the data visualization most associated to its type of data analysis (descriptive, diagnostic, predictive, or prescriptive) Select all that apply Time series data

(1) pie chart

Match the type of data to the best descriptive data visualization as either: (1) pie chart or (2) bar chart / line chart Categorical data (e.g., number of companies using different depreciation methods)

(2) bar chart / line chart

Match the type of data to the best descriptive data visualization as either: (1) pie chart or (2) bar chart / line chart Company sales versus sales returns

(1) pie chart

Match the type of data to the best descriptive data visualization as either: (1) pie chart or (2) bar chart / line chart Emphasize proportions (sales of each of the company's segments)

(2) bar chart / line chart

Match the type of data to the best descriptive data visualization as either: (1) pie chart or (2) bar chart / line chart Numerical data

(2) bar chart / line cart

Match the type of data to the best descriptive data visualization as either: (1) pie chart or (2) bar chart / line chart Ratio data (data emphasizing zero)

(2) bar chart / line chart

Match the type of data to the best descriptive data visualization as either: (1) pie chart or (2) bar chart / line chart Trend of net income over the past 5 years

line charts

Not only do _____________ charts lend themselves to time series data, but they also lend themselves well to numerical data that extends below 0

Ratio Data

Numerical data with an equal and definitive ratio between each data point and absolute "zero" in ratio data is the point of origin.

Time Series Data

Observations on values taken on by a variable at different points in time.

Eyeball the data Construct a box plot

Outliers are often used as part of diagnostic analytics and can be assessed in what 2 ways?

6 categories

Pie charts are rarely preferred if there are more than _______ categories (or slices of the pie)

A) categorical

Pie charts lend themselves well to ____________________ data showing proportions. A) categorical B) numerical C) diagnostic D) predictive

Line charts

____________ charts are preferable when the overall trend is most important to communicate rather than specific data points

Pie charts

______________ charts can be useful for showing proportion and visualizing categorical data

correlation, regression, and forecasting

________________, __________________, _____________________ are three common methods for running predictive analytics, which can be visualized to derive greater insight

D) Time series data

______________________ are observations on values taken on by a variable at different points in time. A) Cross-sectional data B) Categorical data C) Numerical data D) Time series data

B) Scatter plots; correlation

______________________ show values of two variables each plotted on its own axis to exhibit potential _______________________. A) Scatter plots; trends B) Scatter plots; correlation C) Graphs; correlation D) Graphs; trends

D) Descriptive statistics

__________________________ are brief summaries (or factoids) of a data set that provide a representation of the data set as a whole. A) Predictive statistics B) Prescriptive statistics C) Diagnostic statistics D) Descriptive statistics

Scatter Plots

Values of two variables each plotted on its own axis to exhibit possible correlation.

Histograms represent bins/intervals Histograms only use numerical data Vertical analysis shows count of observations

What are the 3 key differences between bar charts and histograms?

chronologically

When using time series data it typically makes the most sense to sort the data ___________________________

table

While sometimes it is best to depict sensitivity analysis as a graph or illustration, there are occasions where it is better presented in a ____________

Proportion

The number of observations in one particular category divided by the grand total of all observations.