Data Types

Question 1

Numerical data (quantitative data) can be

Answer 1

quantified and measured

Question 2

Numerical data splits into two subtypes which are…

Answer 2

Continuous data - can take on any value (infinite amount of values)

Discrete data - results from a counting process and has a finite set of values

Question 3

Categorical data (qualitative data) refers to

Answer 3

information that can be stored and identified, categorised by name

Example: stock name.

Question 4

Nominal data cannot be

Answer 4

amended into category orders.

Example: finance and its industries, one cannot put one higher or lower.

Question 5

Ordinal data are

Answer 5

categorical values that can be logically ordered or ranked. Example: S&P rating.

Question 6

Another classification standard for data is how it is collected. This type of data is divided into three types:

Answer 6

Cross-sectional data - a list of observations of a specific variable from multiple observational units at a given point in time.

Time-series data - are a sequence of observations for a specific observational unit over a specific variable collected at discrete and usually spaced intervals.

Panel data - mix of time-series and cross-sectional data.

Question 7

Structured data (alternative data) are

Answer 7

data in a highly-organised, pre-defined manner, usually in repeating patterns. Typically in a form of one-dimensional or two-dimensional arrays.

Question 8

Organising data for analysis typically is done in the following two ways:

Answer 8

One-dimensional array - a data structure that contains a set of elements of the same data type.

Two-dimensional array (data table).