Here are 15 essential data analysis terms along with their meanings:
1. Data Normalization
Meaning: The process of adjusting values in a dataset to a common scale, often to improve the performance of machine learning algorithms.
2. Hypothesis Testing
Meaning: A statistical method used to determine whether there is enough evidence in a dataset to support a specific hypothesis or claim.
3. Correlation
Meaning: A statistical measure that describes the extent to which two variables change together. It can be positive, negative, or zero.
4. Data Warehousing
Meaning: The process of collecting and managing data from various sources in a central repository to support business intelligence activities.
5. Dimensionality Reduction
Meaning: Techniques used to reduce the number of features or variables in a dataset while retaining its essential information. Common methods include PCA (Principal Component Analysis).
6. Outliers
Meaning: Data points that significantly differ from other observations in a dataset. Outliers can indicate variability in the data or potential errors.
7. Descriptive Statistics
Meaning: Statistical methods used to summarize and describe the main features of a dataset, such as mean, median, mode, and standard deviation.
8. Inferential Statistics
Meaning: Techniques that allow analysts to make inferences or generalizations about a population based on a sample of data.
9. Data Aggregation
Meaning: The process of combining data from multiple sources or groups to obtain a summary or consolidated view, often used in reporting.
10. Feature Engineering
Meaning: The process of using domain knowledge to create new features or modify existing ones in a dataset to improve the performance of machine learning models.
11. Data Mining
Meaning: The process of discovering patterns and extracting valuable information from large datasets using statistical, mathematical, and computational techniques.
12. Clustering
Meaning: A type of unsupervised learning technique used to group similar data points together based on their features or attributes.
13. Anomaly Detection
Meaning: Techniques used to identify unusual or rare data points that do not conform to expected patterns or behaviors.
14. Data Integration
Meaning: The process of combining data from different sources into a unified view to provide a comprehensive perspective for analysis.
15. Dashboard
Meaning: A visual display of key performance indicators (KPIs) and metrics that provides an overview of important data and insights in an easily interpretable format.
These terms are fundamental in data analysis and will help in understanding and communicating key concepts effectively.
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