A bar graph is a type of chart that displays information by representing quantities as rectangular bars of different lengths either vertically or horizontally. Bar graphs are widely used in statistics, finance, business, and other quantitative fields to visualize data distributions and comparisons.
Correlation refers to the statistical measure that describes the degree to which two variables move in relation to each other. Its value ranges between -1 and 1, indicating the strength and direction of the relationship.
Descriptive statistics is used to summarize or describe the main features of a collection of data in a quantitatively meaningful way. It does not infer any elements beyond the provided data sample.
Expected Monetary Value (EMV) is a statistical technique in risk management used to quantify the potential outcomes of various scenarios based on their probabilities and respective monetary values.
Expected Value (EV) is a fundamental concept in probability and statistics used in decision making, which represents the average outcome when accounting for all possible scenarios, weighted by their respective probabilities.
Estimating unknown quantities that lie between two of a series of known values. Interpolation is a statistical method often used in various fields including finance, science, and engineering.
Management Science pertains to the study of management with a focus on using mathematics and statistics to resolve production and operations problems. It provides management with a quantitative basis for decision-making.
The median is a statistical measure that represents the middle value in a data set, effectively dividing the dataset into two equal halves. It is particularly useful in representing a data set without the distortion that large deviations can cause with the average (mean).
A parameter is a measure used to describe a population, such as the number of rental units in a given city. Parameters are known for certain, whereas estimates are derived from samples.
A statistical term used to express a quantity as a portion of the whole, which is assigned a value of 100. Price changes are often reported as percentage increases or declines.
Probability is the likelihood that a particular outcome will occur, quantified on a scale from 0 (indicating certainty that it will not occur) to 1 (indicating certainty that it will occur). It is a key concept in decision-making models, often subjective in nature.
Quantitative Analysis involves using mathematical and statistical methods to evaluate investments, business operations, and financial data.
The highest level of measurement in which not only the differences between observations are quantifiable, but the observations can themselves be expressed as a ratio. It is the most powerful measurement scale.
Value-at-Risk (VaR) is a statistical technique used to measure and quantify the level of financial risk within a firm or investment portfolio over a specific time frame.
