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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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Gloria thinks that she is paid less than other workers in her division and feels extremely resentful. She starts taking long bre

Pachacha [2.7K]

Answer:

D) distributive

Explanation:

The salary is not distributed as required as per Jackie so this is perceiving distributive justice.

8 0

4 years ago

Alfred lost his 3-year-old camera. It cost him $150 three years ago and had a life expectancy of 6 years. Alfred has actual cash

salantis [7]

Answer:

insurance company will pay $75 to Alfred.

Explanation:

given data

Actual cost of camera = $200

Alfred cost of camera = $150

Life expectancy = 6 years

solution

we get here first Remain life of camera that is

Remain life of camera = 6 years - 3 years

Remain life of camera = 3 years

and

now we get here current cost of the camera that is

current cost of camera = Alfred cost of camera × (Remain life of camera ÷ Life expectancy) ........................1

put here value and we get

Current cost of camera = $150 × $\frac{3}{6}$

Current cost of camera = $75

so that insurance company will pay $75 to Alfred.

5 0

3 years ago

What causes a liability to be credited and an expense to be debited?

UkoKoshka [18]

Recording the accrual of salaries incurred.

6 0

3 years ago

A stock will have a loss of 13.6 percent in a recession, a return of 12.3 percent in a normal economy, and a return of 27 percen

SpyIntel [72]

Answer:

Standard deviation =21.34

Explanation:

Standard deviation is measure of the total risks of an investment. It measures the volatility in return of an investment as a result of both systematic and non-systematic risks. Non-systematic risk includes risk that are unique to a company like poor management, legal suit against the company .

Standard deviation is the sum of the squared deviation of the individual return from the mean return under different scenarios

Expected return (r) = (13.6% × 0.33 ) + (12.3% × 0.36) + (27%× 0.31)=17.3%

Outcome R (R- r )^2 P×(R- r )^2

Recession 13.6 13.6 4.5

Normal 12.3 24.9 8.9

Boom 27% 94.4 29.3

Total 42.7

Standard deviation = √42.7 = 21.34

Standard deviation =21.34

3 0

3 years ago

Economic growth in the country of Southville has slowed down in the last few months. Following a collapse in housing prices, se

skad [1K]

Complete Question:

A. According to census data, the percentage of Southville's population that lives in rural areas has gradually been shrinking.

B. The standards for obtaining a mortgage loan in Southville have been more stringent compared to many other countries.

C. Prior to the crisis, the prices of existing homes also increased in proportion to the prices of new homes in Southville.

D. A large proportion of home buyers in Southville were individuals who already owned one or more houses.

E. The inflation-adjusted real wage in the construction industry increased by 10 percent prior to the crisis.

Answer and Explanation:

Options A and D would weaken Bob's argument. The reason why option A would weaken Bob's argument would be because Bob said that the population is increasing whereas the according to the census data, the population has gradually been shrinking.

The reason for option D is that the individuals who already owned houses were buying new houses. So what was the need for them to buy additional new houses?

4 0

3 years ago