2019

chi-square value

 A chi-square (χ2) statistic is a measure of the difference between the observed

and expected frequencies of the outcomes of a set of events or variables.
 χ2 depends on the size of the difference between actual and observed values, the
degrees of freedom, and the samples size.
 χ2 can be used to test whether two variables are related or independent from one
another or to test the goodness-of-fit between an observed distribution and a
theoretical distribution of frequencies.

p-value

 A p-value is a measure of the probability that an observed difference could have

occurred just by random chance.
 The lower the p-value, the greater the statistical significance of the observed
difference.
 P-value can be used as an alternative to or in a addition to pre-selected
confidence levels for hypothesis testing.

PHI COEEFICIENT

The phi coefficient is a measure of the degree of association between two binary
variables. This measure is similar to the correlation coefficient in its interpretation.

Two binary variables are considered positively associated if most of the data falls along
the diagonal cells (i.e., a and d are larger than b and c). In contrast, two binary variables
are considered negatively associated if most of the data falls off the diagonal.
Fishbone diagram

The Fishbone diagram is also known as the cause and effect diagram, the root cause
analysis, and the Ishikawa diagram, named after its originator Kaoru Ishikawa, the
Japanese quality pioneer. It is generally called the Fishbone diagram because the
diagram resembles that of a fishbone. In simple terms, Fishbone is brainstorming in a
structured format. The technique uses graphical means to relate the causes of a
problem to the problem itself, in other words, to determine cause and effect. The
diagram focuses on the causes rather than the effect. Because there may be a number
of causes for a particular problem, this technique helps us to identify the root cause of
the problem in a structured and uncomplicated manner. It also helps us to work on each
cause prior to finding the root cause.
 Pareto Diagram

A Pareto Diagram is used to prioritize decisions to focus on the vital few instead of
targeting all the categories. The graph is a column graph where all categories are
normally on the x-axis and add up to represent 100% accumulation of all the categories.
The left vertical axis is the number of instances in category. The vertical column on the
right is the percentage that category contains out of all the instances.The Pareto
principle states that in many cases 20% of the categories often represents 80% of
the opportunity.

Key Differences between Correlation and Regression:

1. When it comes to correlation, there is a relationship between the

variables. Regression, on the other hand, puts emphasis on how one

variable affects the other.

2. Correlation does not capture causality, while regression is founded

upon it.

3. Correlation between x and y is the same as the one between y and x.

Contrary, a regression of x and y, and y and x, yields completely

different results.

4. The graphical representation of a correlation is a single point. Whereas,

a linear regression is visualized by a line.

Descriptive analytics looks at data statistically to tell you what happened in the past.
Descriptive analytics helps a business understand how it is performing by providing
context to help stakeholders interpret information. This can be in the form of data
visualizations like graphs, charts, reports, and dashboards.
Predictive analytics takes historical data and feeds it into a machine learning model
that considers key trends and patterns. The model is then applied to current data to
predict what will happen next.

Prescriptive analytics takes predictive data to the next level. Now that you have an
idea of what will likely happen in the future, what should you do? It suggests various
courses of action and outlines what the potential implications would be for each.

Cost-Benefit Analysis

A cost-benefit analysis considers all factors associated with any project to determine
its potential profitability, including any costs that go into developing, implementing and
executing the project strategy. The analyst researches the potential financial benefits
and subtracts the costs. It is possible to account for intangible costs such as
opportunity costs that affect the potential profits as a way to project potential return on
investment data

cost-impact analysis

A cost-impact analysis is a process businesses use to analyze decisions. The business

or analyst sums the benefits of a situation or action and then subtracts
the costs associated with taking that action.

2018
root cause analysis
 A root cause is defined as a factor that caused a nonconformance and should be
permanently eliminated through process improvement. 

 The root cause is the core issue—the highest-level cause—that sets in motion
the entire cause-and-effect reaction that ultimately leads to the problem(s).
Fixing
 “Fixing” the root cause is often called a Corrective Action Plan. A good solution
will keep the problem from occurring again and is practical, feasible and cost-
effective as well as robust and sustainable.
 
 To address (fix) the root cause, potential root cause solutions are evaluated, a
solution (or combination of solutions) is selected, the action plan is developed,
and the solution is implemented and verified.

HR metrics
HR metrics are "operational measures, addressing how efficient, effective and
impactful an organization’s HR practices are.

1. Time to hire: The number of days between a position opening up and a

candidate signing the job contract.
2. Cost per hire: How much it costs the company to hire new employees.
3. Time since last promotion: A straightforward metric that can show why top
employees leave.
4. Revenue per employee: Shows the amount of revenue brought into the
company per employee.
5. Performance and potential: Shows which employees are underperformers,
valued specialists, emerging potentials or top talents.
6. Cost of HR per employee: Indicates the cost efficiency of HR expressed in
dollars.
7. Ratio of HR professionals to employees: Also shows HR’s cost efficiency.
8. Ratio of HR business partners per employee: Similar to the previous metric,
enables HR to measure and predict the impact of HR policies, helping HR be more
efficient and reduce the number of HR professionals to employees, saving the firm
money.
9. Turnover: Shows how many workers leave the company in a given year; tracks
the company's attrition rate.

HR measures

This means assessing whether HR services are being delivered as efficiently as they
could be. This is done keeping in mind with the set standards (benchmark) of the
environment.

Key things to measure here may include:

 Are we recruiting through the most effective channels?

 How effective are we at recruiting the competencies the business needs?

 What are our costs-per-hire?

 What are our training costs?

  How effective are the different types of training?


Null Hypothesis
The null hypothesis is a typical statistical theory which suggests that no statistical
relationship and significance exists in a set of given single observed variable, between
two sets of observed data and measured phenomena.

Alternative Hypothesis

The alternative hypothesis is the hypothesis used in hypothesis testing that is contrary

to the null hypothesis. It is usually taken to be that the observations are the result of a
real effect (with some amount of chance variation superposed).

Causation
Causation means that one event causes another event to occur. Causation can only be
determined from an appropriately designed experiment. In such experiments, similar
groups receive different treatments, and the outcomes of each group are studied. We
can only conclude that a treatment causes an effect if the groups have noticeably
different outcomes.

Association
Association, in statistics, any of various factors or coefficients used to quantify a
relationship between two or more variables. Associationmay be determined by any of
several different analyses, including correlation analysis and regression analysis.

chi-square value

 A chi-square (χ2) statistic is a measure of the difference between the observed

and expected frequencies of the outcomes of a set of events or variables.
 χ2 depends on the size of the difference between actual and observed values, the
degrees of freedom, and the samples size.
 χ2 can be used to test whether two variables are related or independent from one
another or to test the goodness-of-fit between an observed distribution and a
theoretical distribution of frequencies.

2017
Fishbone diagram
The Fishbone diagram is also known as the cause and effect diagram, the root cause
analysis, and the Ishikawa diagram, named after its originator Kaoru Ishikawa, the
Japanese quality pioneer. It is generally called the Fishbone diagram because the
diagram resembles that of a fishbone. In simple terms, Fishbone is brainstorming in a
structured format. The technique uses graphical means to relate the causes of a
problem to the problem itself, in other words, to determine cause and effect. The
diagram focuses on the causes rather than the effect. Because there may be a number
of causes for a particular problem, this technique helps us to identify the root cause of
the problem in a structured and uncomplicated manner. It also helps us to work on each
cause prior to finding the root cause.

Pareto Diagram

A Pareto Diagram is used to prioritize decisions to focus on the vital few instead of
targeting all the categories. The graph is a column graph where all categories are
normally on the x-axis and add up to represent 100% accumulation of all the categories.
The left vertical axis is the number of instances in category. The vertical column on the
right is the percentage that category contains out of all the instances. The Pareto
principle states that in many cases 20% of the categories often represents 80% of
the opportunity.

Analytical thinking

Analytical thinking is a critical component of visual thinking that gives one

the ability to solve problems quickly and effectively. It involves a methodical step-by-
step approach to thinking that allows you to break down complex problems into single
and manageable components.

Intuitive thinking
Intuitive thinking is basically the kind of thinking that helps you understand reality in
the moment, without logic or analysis. There's no language involved in it, either. It is
entirely about signs and sensations. Most of the time, it goes against whatever we might
think of as “rational”.

Control group
A control group is a group separated from the rest of the experiment such that the
independent variable being tested cannot influence the results. This isolates the
independent variable's effects on the experiment and can help rule out alternative
explanations of the experimental results
Experimental group
Experimental group refers to the group of participants who are exposed to the
independent variable. These participants receive or are exposed to the treatment
variable.An experimental group, also known as a treatment group, receives the
treatment whose effect researchers wish to study.

Correlation
Correlation means there is a relationship or pattern between the values of two
variables. This type of analysis involves understanding the relationship(if at all any) between
variables. One may like to determine the relationship between job satisfaction and retention;
employee engagement and productivity; stress and productivity; employee satisfaction vs.
customer satisfaction.

A scatterplot displays data about two variables as a set of points in the xyxyx, y-plane
and is a useful tool for determining if there is a correlation between the variables. The
degree of association or correlation between two variables between two variables is
determined by the value of the correlation coefficient
Causation
Causation means that one event causes another event to occur. Causation can only be
determined from an appropriately designed experiment. In such experiments, similar
groups receive different treatments, and the outcomes of each group are studied. We
can only conclude that a treatment causes an effect if the groups have noticeably
different outcomes.
Mission critical

A mission critical factor of a system is any factor that is essential to business operation
or to an organization. Failure or disruption of mission critical factors will result in serious
impact on business operations or upon an organization, and even can cause social
turmoil and catastrophes. 
mobile workforce segments

a mobile workforce is defined as a workforce comprising individuals who work outside of

a physical office location. These professional workers are not limited to employees who
work from home. Deskless workers such as retail employees, insurance salespersons,
and gig workers such as Uber drivers are all considered part of the mobile workforce.
A mobile workforce is more common in industries such as manufacturing, construction,
retail, and healthcare, where workers are out on the field and not in an office. They are
commonly known as deskless workers or field workers.

The degree of association or correlation between two variables between two variables is
determined by the value of the correlation coefficient

REGRESSION

Regression is an equation that tries to best represent the relationship between the variables.

Regression analysis is a set of statistical processes for estimating the relationships

between a dependent variable and one or more independent variables (often called
'predictors‘). The most common form of regression analysis is linear regression
involving one independent variable, in which a researcher finds the line that most
closely fits the data according to a specific mathematical criterion. For example, the
method of ordinary least squares computes the unique line that minimizes the sum of
squared distances between the true data and that line.

SIGNIFICANCE OF CORRELATION COEFFICIENT

A positive value of the correlation coefficient signifies that for every positive increase in
one variable, there is an increase of a fixed proportion in the other. Thus 1 indicates a
strong positive relationship.

A negative value of the correlation coefficient means that for every positive increase in
one variable, there is a decrease of a fixed proportion in the other. So -1 indicates a
strong negative relationship.

Zero means that for every increase, there isn’t a positive or negative increase. The two
just aren’t related.

The value of the correlation coefficient gives us the relationship strength. The larger the
number, the stronger the relationship. For example, 0.8 would mean a stronger
relationship than 0.67