BUSINESS ANALYTICS LATEST UPDATE STUDY NOTES 2021
t kind of data would we want to collect?
1. What are the expectations?
o Data to be Collected:
Number of people on the ship vs. how many people go to the entertai
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BUSINESS ANALYTICS LATEST UPDATE STUDY NOTES 2021
t kind of data would we want to collect?
1. What are the expectations?
o Data to be Collected:
Number of people on the ship vs. how many people go to the entertainment
Age
Marital status
Children/no children
How many children
o Can be a “check all that apply” when customers sign up for the cruise (casino, pool, movie, concert, etc.)
o Maybe the cruise ship can even cut down on the amount of entertainment they offer so they can save money for other options
o Look at the hour by hour data to see when people are actually spending time doing ship activities
Population vs. Sample
Population – Includes all objects of interest in a study – people, households, machines, etc.; Represents all of the data that we might be interested in;
all the entities of interest in a study
Example: the cruise ship case (above)
- If we’re interested in the number of people involved in the entertainment, we would want data from everyone who has ever been on the
ship
- They collect a “sample” from the population
Sample – A subset of the population, usually chosen randomly; Not the whole population
- Good analysis = Good data
- Data = plural; Datum = singular
Data Set Variables vs. Observation
Data Set – (Usually) a rectangular array of data, with variables in columns observations in rows, and variable names in the top row; Rows and
columns with information
Variable (or field or attribute) – Attribute or measurement of members of a population, such as height, gender, or salary; The subjects in the columns
of the data set; In columns; Also known as a “field” or an “attribute”
Observation (or case or record) – It’s a list of all variable values for a single member of a population; A single response to all of the questions; In
rows; Also known as a “case” or a “record”
Types of Data
Numerical – If you CAN perform meaningful arithmetic on it (add, subtract, multiply, divide)
- Ex: How old are you?
- Can see the numbers and can compare them
Categorical – If you CAN’T perform meaningful arithmetic on it
- Ex: Male or Female?
- These are categories
Two Types of Numerical (expressed as numbers):
1. Discrete – If there are a FINITE number of values
2. Continuous – If there is an INFINITE number of values
Two Types of Categorical (expressed as text):
1. Ordinal – If there IS a natural ordering of its possible categories
- Ex: Asking someone’s satisfaction of this class between 1 and 5
- It’s not that 4 is two better than 2, it’s just that 4 is a little better than 2
2. Nominal – If there is NO natural ordering of its possible categories; Used to “name” or label a series of values
Cross Sectional Data vs. Time Series Data
Cross Sectional Data – Data on a cross section of a population at a distinct point in time; What we usually think when we deal with a data set
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