Types, Business Mathematics & Statistics B Com Notes | EduRev

Business Mathematics and Statistics

Created by: Arshit Thakur

B Com : Types, Business Mathematics & Statistics B Com Notes | EduRev

The document Types, Business Mathematics & Statistics B Com Notes | EduRev is a part of the B Com Course Business Mathematics and Statistics.
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What are Data

DATA

What are data?

Data are plain facts, usually raw numbers.  Think of a spreadsheet full of numbers with no meaningful description.  In order for these numbers to become information, they must be interpreted to have meaning.

Who creates data?

Data can come from a government census or organization surveys or research studies. 

Why the ARE in "data are?"

  • Datum (singular form) - a piece of information
  • Data (plural form) - multiple pieces of information

Data Conceptionalization

Can we conceptualize data?  Yes!

Types, Business Mathematics & Statistics B Com Notes | EduRev

 

Statistics

STATISTICS

Statistics are your place for quick numbers.  They might answer the questions "how much" or "how many." 
Statistics result from data that have been interpreted.

Statistics can be in the form of numbers or percentages and they are frequently presented in a table or graph.

A statistical table might look like this one from the Statistical Abstract of the United States:

Types, Business Mathematics & Statistics B Com Notes | EduRev

 

Evaluating Data and Statistics

Some Questions to Think About When Locating Data or Statistics

Time Period
Are you looking for the current year? Remember that is takes some time to compile data. A range of years? Do you need historical data?

Geography
What country, state, county, etc., might compile the data you want?

Sources

databases, government agencies, researchers, research collections like ICPSR

Availability

What data is likely to be available?

Location

Where is the data likely to be located?

 

 

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