what is numerical data
it is values that represent measured or counted quantities as a number
and are also called quantitative data.
what is continuous data
data that can be measured and can take on any numerical
value in a specified range of values.
what is
discrete data
numerical values that result from a counting process
what is catagorical data
(also called qualitative data) are values that describe a quality or
characteristic of a group of observations and therefore can be used as labels to divide a
dataset into groups
what is
nominal data
categorical values that are not amenable to being organized in a
logical order.
what is
oridnal data
are categorical values that can be logically ordered or ranked. e.g. The
Morningstar and S&P’s star ratings/ranking for investment funds are ordinal data.
what would be classes as catagorcial data?
marital stauts, eye colour, any defined groups
what two data types come under numerical
discrete and continuous
what data would be discrete data
number of children, accidents per hour (something countable)
what data would be continuos data
weight, voltage (measurable)
whats cross sectional data
a list of the observations of a specific variable from
multiple observational units (places) at a given point in time.
what is time series data
are a sequence of observations for a single observational unit of
a specific variable collected over time and at discrete and typically equally spaced
intervals of time. For example, closing prices of a particular stock
what is panel data
a mix of time-series and cross-sectional data that are frequently
used in financial analysis and modeling. For example, quarterly earnings per share
for three companies in a given year by quarter.
what graphs do you use for catagorical data
frequency distribution
croos tables
bar chart
pie chart
pareto diagram
what graphs do you use for numerical data
line chart
frequency distribution
histogram
scatter plot
within graphs what two data kinda come under catagorical data
tabulating and graphing data
what is tabulating data?
arranging data into tables and columns
what is graphing data?
put data into graphs to visualise the results
what graph do you use for tabulating data (catagorical data)
frequency distribution tables
what tables do you use for graphing data (catagorical data)
bar chart
pie chart
pareto diagram
what does the polygon represent in a pareto diagram
its helps show how much each “bar”/ interval has contributed to the total percentage by visualising it as a curve
e.g if it were steeper on one side then the corrisponding bar its within would have contributed more to the total
