Unit 1- Data Analysis

Question 1

What is Data

Answer 1

This is information ( facts and figures) that have been collated in a way thaat allows them to be used to inform decision making.
These can include:
* Daily sales against targets
* Daily output and faults
* Machine hours
* Sales by region
* Profit levels

Question 2

Pie charts

Answer 2

This is a circular chart that is split into sectors to show percentages of different catogories of data. This is good for visual representaion which makes it easier to compare

Question 3

Bar Charts

Answer 3

This is grouped into categories using rectangular bars with the height of the bar representing the freqeuncy for the category
Benefits:
* Clear format with key values highlighted
* Easy to summarise large amounts of data
* Used widley throughout the business world
Drawbacks:
* Can oversimplify data and further explanations may be needed
* Can be manipulated to show false results

Question 4

Histograms

Answer 4

These are similar to bar charts with the difference being that they show quantitative data. So there are no gaps between the bars
Advantages:
* Shows the shape of distribution for a large set of data
* Excellent when displaying data which has numerical or categorical groupings
* Helps with displaying data and large differences in shape or symmetry
Drawbacks:
* They can not be used for exact values
* The effectiveness decreases when the range of data is to wide

Question 5

Line Graphs

Answer 5

This is used to compare two vairables. These are a useful presentaional tool for businesses to show performance and market trends

Question 6

Index Numbers

Answer 6

These are used to make numerical data easier to understand. This starts with a given year at 100 and subsequent years percentage increase or deecrease moves the number up or down. These are useful to show changes over time in data such as price levels, consumer levels or economic ouput allows for data to be easily comparable