WTW Vocabulary Week 7

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Trend

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A general direction or pattern of data movement over time.

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Outlier

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A data point significantly different from others, often signaling an anomaly.

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Forecast

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A prediction based on analysis of current and historical data.

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Insight

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A deep understanding derived from analyzing complex information.

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Extrapolation

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Extending known data or trends into an unknown area to predict future values.

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Variance

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The degree to which data points differ from the average.

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Correlation

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A statistical relationship indicating how two variables move together.

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Data Set

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A collection of related numerical or categorical information.

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Analytics

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The method of analyzing raw data to find trends and answer questions.

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Benchmarking

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Comparing data against a standard or best practice to gauge performance.