Data Analyses Skills (ID6020 Module). Rahul R. Marathe Department of Management Studies. Introduction: Why?. Numbers everywhere! -- Last year, ID6020 had 243 students registered. This year the number is 271.
Data Analyses Skills(ID6020 Module)
Rahul R. Marathe
Department of Management Studies
-- Last year, ID6020 had 243 students registered. This year the number is 271.
-- Average time required to complete a typical catalysis experiment under laboratory conditions is 34.7.
Before relying on any data, test the data by asking:
“75% of everything you use travels by truck.”
Identify: Samples and population
Consider a beauty soap which is targeted at middle–class women customer aged between 18 and 45 years,
The population is the entire set of middle-class females of age between 18 – 45. But you need to be careful about definition of “middle-class”. Clearly, a school girl is not a member of the population.
Sample is any subset of the above set.
No – Nominal scale has categories. Categories are for qualitative data.
Could be qualitative; could be quantitative. So yes!
No! Nominal or ordinal scale is for categorical data. Categorical variables are discrete. Example?
It can be either continuous or discrete. Example?
DATA = STRUCTURE + NON-STRUCTURE
DATA = EXPLAINED BEHAVIOR + WHITE NOISE
Some of commonly used graphical tools – Frequency distribution tables; Line charts; Histogram; Higher dimensional plots; Scatter plot
Use of summary statistics –
Should depend on:
24.2, 20.15, 17.11, 14.83, …
Do you see a trend?
Can we be more specific?
Solution methodology: Forecasting
What if the data has uncertainty?
“Average time required to complete a typical catalysis experiment under laboratory conditions is 34.7.”
e.g. “Freakonomics”: To understand what fun one can have simply by playing with data!!
Best wishes!!Questions? Comments?