week 2 data collection Flashcards
what can happen if data is collected using improper methods
spoil statistical analytics
ways data can be collected
- from ongoing business activities
- data distribution by an organisation or an individual
- surveys
- designed experiments
- observational studies
example of data being collected from ongoing business activities
bank studies years of transactions to help them identify patternsof fraud,
economists using data such as searches done on google to help forecast eg increase in searches for iphones mean sales coudl go up
example of data being distributed by an organisation
stock prices, weather conditions in daily newspapers
most popular data collection method
surveys
example of a designed experiment
market testing on alternative product promotions to determine most effective
benefits of designed experiments
effective, reliable, not biased
disadvantages of designed experiments
costly
examples of observational studies
focus groups, traffic at a junction, measuring the amountbof time it takes for customers to be served at a fast food restaurant
what is a focus group
unstructured responses to open ended questions
how are observational studies and designed experiments similar
both have the common objective of attempting to quantify the effect that the process change (called the treatment) has on a variable of interest
what is different about observational studies and designed experiments
designed experiments allow control over what products receive treatment
what is primary data
the data collector is using the data for analytics
what is secondary data
the person analysing the data did not collect that data
examples of primary data
observed data, data from a political poll
