Chapter 17 - data and information

Question 1

difference between data and info

Answer 1

data = unprocessed facts/stats

info = data processed/structured/presented in a way to be meaningful

Question 2

characteristics of good information

Answer 2

ACCURATE:
Accurate
Complete
Cost beneficial
User targeted
Relevant
Accessible
Timely
Easy to use

Question 3

difference between component and percentage component bar charts

Answer 3

component = break down of each total into its components, each part of bar indicates magnitude

percentage component = component bar chart that doesn’t show total magnitudes and the length of each bar is the same, unlike component

Question 4

what is a frequency distribution

Answer 4

data organised into frequency distribution recording number of times each value occurs

large data sets grouped into bands or classes

Question 5

histogram

Answer 5

frequency distribution represented by a histogram

histogram = similar to bar chart but frequencies of observations are represented by the area covered by the bar, not its height

Question 6

histogram key factors

Answer 6

1. standard width of bar selected
2. open ended classes are made equal to that of the adjoining class
3. the width of each bar on the chart reflects the size of the class interval
4. each frequency is multiplied by (standard width class / actual class width) to obtain the height of the bar in the histogram

Question 7

what is an ogive

Answer 7

a graph of the cumulative number of items with a value less than or equal to, or greater than or equal to, a certain amount.

it is drawn by plotting a diagram of a cumulative frequency distribution

Question 8

scatter diagrams

Answer 8

used to show relationship between two variables - dependent, will be caused by movements in other variable - the independent.

X (horizontal) AXIS = independent
Y (vertical) AXIS = dependent

Question 9

trend line equation

Answer 9

y = a + bx

where
a = intercept on y axis
b = slope of line

Question 10

big data definition

Answer 10

used to describe proliferation of data generated by digital interactions, eg online shopping/texts/tweets

online retailers can compile records of each click and interaction a customer makes while visiting a website

Question 11

impacts of big data analytics

Answer 11

• better understanding of consumer behaviour
• targeted marketing messages
• improved logistics
• new products and services

Question 12

criticisms about big data

Answer 12

not representative of entire population