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3 years ago

Write down the steps which are included in the planning phase of the data analysis process?

Business

1 answer:

zysi [14]3 years ago

5 0

Answer:

Step 1: Knowing and Defining your questions:

Step 2: Measurement

Step 3: Data Collection

Step 4: Analyzing the Data:

Step 5: Interpreting the results

Explanation:

Data Science is no doubt the most necessary science today. Every company, business or government need lots of data to make their decision making efficient and accurate.

For efficient decision making, data analysis is the key tool to utilize.

Data Analysis is basically the converting millions of billions of raw data into something useful out of it in terms of decision making of anything.

Data Analysis has 5 simple steps to follow, which are discussed below one by one.

Step 1: Knowing and Defining your questions:

Knowing right questions is the first and most critical steps in the data analysis process. Wrong questions will lead to wrong decisions. Therefore, make clear, concise and problem oriented questions.

For example: Our company is experiencing a downfall in revenues, can we afford to cut down the manpower?

Step 2: Measurement

For this step to complete, you must need to know what to measure and how to measure it.

For example: For cutting down of manpower, what type of data we need to measure? obviously we will be needing data relating to manpower and our companies revenues to generate the relation between them. Furthermore, it is equally necessary to know how to measure it. What factors do we include in it. What is our time frame etc etc.

Step 3: Data Collection

Obviously, this is the feed of all the process. For data analysis, you need to have sufficient data in the first place.

Step 4: Analyzing the Data:

After acquiring all the steps in the process, it is time to analyze the data more deeply. You will be searching for correlations in your data with your problem. In this step, you will be finding different parameters such as maximum, minimum, standard deviation, variance et. Moreover, you will needing graphs to plot the data that you have acquired.

Step 5: Interpreting the results

Lastly, you need to correctly interpret the results that you have got from the previous step. Right interpretation will lead to right decision making which will make a fortune of your company and wrong interpretation will lead to wrong decision making and you will be going otherwise,

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ololo11 [35]

Answer:

Independent sources of information

Explanation:

Magazines, consumer groups, and government agencies all represent independent sources of information.

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3 years ago

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2 years ago

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Alex, who is single, conducts an activity in 2021 that is appropriately classified as a hobby. The activity produces the followi

Nataliya [291]

Alex, who is single, conducts an activity in 2021 that is appropriately classified as a hobby. The amount of income that Alex must report and the amount of the expenses he is permitted to deduct are:

Income $18,000

Expenses $3,000

An activity or business is classified as hobby :

The owner of the business is not making profit from the business
When their is no proof as to whether the business owner is making profit
When the owner does not intend to make profit from the business etc

Based on the given information the revenues or income amount of $18,000 will be the amount that will be reported by Alex as part of the gross income.

While the expenses or property taxed amount of $3,000 is deductible because the deductions are itemized deductions.

Inconclusion Alex, who is single, conducts an activity in 2021 that is appropriately classified as a hobby. The amount of income that Alex must report and the amount of the expenses he is permitted to deduct are:

Income $18,000

Expenses $3,000

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brainly.com/question/16633416

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2 years ago

In a paragraph, select ONE country (excluding Canada, Cuba and Sweden) and explain where it lies on the continuum of command - m

AnnZ [28]

Answer:

North Korea - Command Economy.

Explanation:

In Command Economy, the government control all means of production. The citizens have no power to actually make efforts to own these resources.

To proof it, we can refer to the economic freedom ranking that was created by Heritage Foundation. From all 180 countries included in the ranking, north Korea placed at the very bottom.

The Government of North Korea have total control of the economy. They determine what products should be made, what type of jobs the citizens can held, and how those resources should be distributed among the people.

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3 years ago

Please answer the following questions to describe an instance in which you, an acquaintance, or family member has experienced an

AlexFokin [52]

Answer:

The externality that affected me was the U.S. recession of 2018.

Explanation:

The externality is the term that refers to a variation in a outside factor that end up affecting persons involve in a business that is not related directly to the outside factor that changed.

1. The 2008 recession made harder for me to get a job in the restaurant sector even though the prices of the restaurants and hotels continued to be the same, many person have to cut their expenditure in tourism as the recession significantly impacted the financial institutions and many persons were laid off from their jobs which decreased consumption.

2. The effects of the recession were: increase in the unemployment, decrease in the consumption, increase in foreclosures.

3. I experienced decrease in my quality of life as it was harder for me to keep a job for a long time. Most of jobs were part time therefore it was a time where I have to live on my savings.

4. Pollution is best reduced if companies take conscience of the fact that they have a greater impact on the environment than individuals. This will lead to better business practices in the manage of residuals and raw materials.

5. A positive externality can create a bubble in the prices and overestimate the actual value of an asset e.g. cryptocurrencies bubble was a positive effect for some investor that really knew the value of this securities but in the long run it created a bubble and people that did not know about cryptocurrencies invested and lost most of their money.

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3 years ago