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This document discusses key concepts in business analytics including data, information, and knowledge. It defines data as facts and figures that become information when organized and analyzed in a meaningful way to derive knowledge. The document also discusses populations and samples, explaining that samples are subsets of populations examined to make inferences. It describes cross-sectional and time series data collection and structured versus unstructured data. Finally, it defines variables as characteristics that differ among observations, categorizing them as either categorical or numerical.
This document discusses key concepts in business analytics including data, information, and knowledge. It defines data as facts and figures that become information when organized and analyzed in a meaningful way to derive knowledge. The document also discusses populations and samples, explaining that samples are subsets of populations examined to make inferences. It describes cross-sectional and time series data collection and structured versus unstructured data. Finally, it defines variables as characteristics that differ among observations, categorizing them as either categorical or numerical.
This document discusses key concepts in business analytics including data, information, and knowledge. It defines data as facts and figures that become information when organized and analyzed in a meaningful way to derive knowledge. The document also discusses populations and samples, explaining that samples are subsets of populations examined to make inferences. It describes cross-sectional and time series data collection and structured versus unstructured data. Finally, it defines variables as characteristics that differ among observations, categorizing them as either categorical or numerical.
Assistant Professor of MIS Data, Information, and Knowledge ● Data are compilations of facts, figures, or other contents, both numerical and nonnumerical. ● Data that have been organized, analyzed and processed in a meaningful and purposeful way become information. ● We use a blend of data, contextual information, experience, and intuition to derive knowledge that can be applied and put into action in specific situations. Sample vs. Population A population consists of all observations or items of interest in an analysis. A sample is a subset of the population. We examine sample data to make inferences about the population. We rely on sampling because ... ● Obtaining information on the entire population is expensive. ● It is impossible to examine every member of the population. Cross-Sectional and Time Series Data ● Sample data are generally collected in one of two ways. ○ Cross-sectional data: refers to data collected by recording a characteristic of many subjects at the same point in time, or without regard to differences in time. Cross-Sectional and Time Series Data ● Sample data are generally collected in one of two ways. ○ Time series data: refer to data collected over several time periods focusing on certain groups of people, specific events, or objects. Structured vs. Unstructured Data ● Generally, structured data reside in a predefined, row-column format. ○ We use spreadsheets or database applications to enter, store, query, and analyze structured data. ○ Examples of structured data include numbers, dates, and groups of words and numbers, typically stored in a tabular format. Structured vs. Unstructured Data ● Unlike structured data, unstructured data do not conform to a predefined, row-column format. ○ They tend to be textual (e.g., written reports, email messages, doctor's note, or open-ended survey responses) or have multimedia contents (e.g., photographs, videos, an audio data) . ● Social media data such as Twitter, YouTube, Facebook, and blogs are examples of unstructured data. Variables ● In business analytics, we focus on people, firms, or events with particular characteristics. ○ When a characteristic differs in kind or degree among various observations (records), then the characteristic can be termed a variable. ● Variables are classified as either categorical or numerical. ○ Categorical (qualitative): marital status, eye color, major, whether or not has a credit card, etc. ○ Numerical (quantitative): temperature, income, age, score of an exam, etc.
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