Operational riskOperational risk is the risk of losses caused by flawed or failed processes, policies, systems or events that disrupt business operations. Employee errors, criminal activity such as fraud, and physical events are among the factors that can trigger operational risk. The process to manage operational risk is known as operational risk management.
ConfoundingIn causal inference, a confounder (also confounding variable, confounding factor, extraneous determinant or lurking variable) is a variable that influences both the dependent variable and independent variable, causing a spurious association. Confounding is a causal concept, and as such, cannot be described in terms of correlations or associations. The existence of confounders is an important quantitative explanation why correlation does not imply causation.
Socioeconomic statusSocioeconomic status (SES) is an economic and sociological combined total measure of a person's work experience and of an individual's or family's economic access to resources and social position in relation to others. When analyzing a family's SES, the household income, earners' education, and occupation are examined, as well as combined income, whereas for an individual's SES only their own attributes are assessed. Recently, research has revealed a lesser recognized attribute of SES as perceived financial stress, as it defines the "balance between income and necessary expenses".
Glossary of experimental designA glossary of terms used in experimental research. Statistics Experimental design Estimation theory Alias: When the estimate of an effect also includes the influence of one or more other effects (usually high order interactions) the effects are said to be aliased (see confounding). For example, if the estimate of effect D in a four factor experiment actually estimates (D + ABC), then the main effect D is aliased with the 3-way interaction ABC. Note: This causes no difficulty when the higher order interaction is either non-existent or insignificant.
