Explanation: Nominal basically refers to categorically discrete data such as name of your school, type of car you drive or name of a book. This one is easy to remember because nominal sounds like name (they have the same Latin root).
Ordinal refers to quantities that have a natural ordering. The ranking of favorite sports, the order of people's place in a line, the order of runners finishing a race or more often the choice on a rating scale from 1 to 5. With ordinal data you cannot state with certainty whether the intervals between each value are equal. For example, we often using rating scales (Likert questions). On a 10 point scale, the difference between a 9 and a 10 is not necessarily the same difference as the difference between a 6 and a 7. This is also an easy one to remember, ordinal sounds like order.
Interval data is like ordinal except we can say the intervals between each value are equally split. The most common example is temperature in degrees Fahrenheit. The difference between 29 and 30 degrees is the same magnitude as the difference between 78 and 79 (although I know I prefer the latter). With attitudinal scales and the Likert questions you usually see on a survey, these are rarely interval, although many points on the scale likely are of equal intervals.
Ratio data is interval data with a natural zero point. For example, time is ratio since 0 time is meaningful. Degrees Kelvin has a 0 point (absolute 0) and the steps in both these scales have the same degree of magnitude.
Question : In which phase of the analytic lifecycle would you expect to spend most of the project time?
Correct Answer : Get Lastest Questions and Answer : Explanation: In the data preparation phase of the Data Analytics Lifecycle, the data range and distribution can be obtained. If the data is skewed, viewing the logarithm of the data (if it's all positive) can help detect structures that might otherwise be overlooked in a graph with a regular, nonlogarithmic scale. When preparing the data, one should look for signs of dirty data, as explained in the previous section. Examining if the data is unimodal or multimodal will give an idea of how many distinct populations with different behavior patterns might be mixed into the overall population. Many modeling techniques assume that the data follows a normal distribution. Therefore, it is important to know if the available dataset can match that assumption before applying any of those modeling techniques.
Question : You are building a logistic regression model to predict whether a tax filer will be audited within the next two years. Your training set population is 1000 filers. The audit rate in your training data is 4.2%. What is the sum of the probabilities that the model assigns to all the filers in your training set that have been audited? 1. 42.0 2. 4.2 3. Access Mostly Uused Products by 50000+ Subscribers 4. 0.042
Explanation: Logistic regression can in many ways be seen to be similar to ordinary regression. It models the relationship between a dependent and one or more independent variables, and allows us to look at the fit of the model as well as at the significance of the relationships (between dependent and independent variables) that we are modelling. However, the underlying principle of binomial logistic regression, and its statistical calculation, are quite different to ordinary linear regression. While ordinary regression uses ordinary least squares to find a best fitting line, and comes up with coefficients that predict the change in the dependent variable for one unit change in the independent variable, logistic regression estimates the probability of an event occurring (e.g. the probability of a pupil continuing in education post 16). What we want to predict from a knowledge of relevant independent variables is not a precise numerical value of a dependent variable, but rather the probability (p) that it is 1 (event occurring) rather than 0 (event not occurring). This means that, while in linear regression, the relationship between the dependent and the independent variables is linear, this assumption is not made in logistic regression. Instead, the logistic regression function is used.