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Summary Data analysis
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Summary notes for data analysis.
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Data analysisData analysis is the process of transforming raw data into usable information in order to
present, interpret and analyse a business’s situation about a market.
Pie chart – is a type of graph in which a circle is divided into sectors to represent a
proportion of the whole.
Advantages:
Can summarise a large data set in visual form.
Easily understood due to wide spread use in business and media.
Size of the circle can be made proportional to the quantity it represents.
Disadvantages:
Doesn’t easily reveal exact values.
If too many pieces of data are used, pie chart becomes less effectives, (may become
over-crowded with data)
Requires additional information.
Difficult to analyse data if there is too much.
Histogram – consists of rectangles whose area is proportional to how often a variable occurs
in the set of data. (frequency)
Advantages:
Simple and versatile.
Easily compare data.
Shows the shape of the distribution, (can depict large differences)
Disadvantages:
Can’t be used for exact values.
Less effective when there is a wide range of data.
Index numbers – is a figure that shows a price or quantity compared with a base value.
(Shows changes over time) (base value is 100)
Advantages:
Compare changes over time easily.
Can be shows in the form of a graph.
Combination of index numbers and line graph gives a clear presentation of data.
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