Data Interpretation :- Sources, acquisition and classification of Data.
Data Sources:–
The quantitative or qualitative values of a variable can be referred to as data. Data is the plural form of datum, which is Latin for “to give” or “to give something.” Data may take the form of text, pictures, statistics, graphs, or other figures.
Data sources are broadly classified into primary and secondary data.
As the name implies, primary data are those that are first gathered by the researcher, whereas secondary data are those that have already been gathered or created by others.
primary data is factual and original. secondary data which is merely the analysis
and interpretation of primary data
Surveys, observations, experiments, questionnaires, in-person interviews, and other primary data sources and secondary data gathering sources include internal documents, books, journals, websites, and government publications.
Data acquisition :
One of the most crucial and significant components of all research investigations is data. Although the methodologies used in different disciplines of study may vary, all research is built on data that is analyzed and evaluated to produce information.
In statistical research, the fundamental unit is the data. Data are used to create statistical information such as Census , statistics on health, and records of crashes in traffic, stock market.
strategies for collecting primary data is Surveys , observations , experiments , questionnaires
and secondary data, internal documents , books, journals, websites, and government publications.
Primary data tool:-
Survey :- Surveys are the most often used method in the fields of social science, business, advertising, and, to some extent, medicine, where people asked question regarding their primary objectives.
Observations – Observations may be conducted with or without informing the subject of the observation that he is being watched. Both the intentionally generated environment and natural surroundings can be used for observations.
Experiments :- An experiment is merely an idea that is tested, till that we have not find the proper result or ultimate conclusion .
Questionnaire – A questionnaire is a collection of either open-ended or closed-ended questions that the respondent responds to. A questionnaire can be administered in a variety of ways, including over the phone, by mail, in person in a public place or at a facility, via email or fax, and more.
Secondary data tool:-
Internal documents
Books
Journals/periodicals
websites
Magazines/Newspapers
Published Electronic Sources
Weblogs
and government publications.
Classification of Data
Classification of data is the process of grouping data into distinct categories in order to provide the information in a clear shape and a logical way, To use data in the most effective and efficient way possible, it must first be classified.
There are two forms of classification: qualitative classification (classification based on qualities) and quantitative classification (classification based on variables or amount).
Quantitative and Qualitative Data.
Quantitative Data :-
Information that can be measured as numerical value, such as length in centi meters or revenue in rupees. Quantitative data contains the answers to questions like – How many or How much
Quantitative data primarily comes in two forms :-
Discrete and Continuous
Discrete:-
Quantitative information that is a specific range of numeric values. The number of children is set ; A person’s have four children, would be an example of discrete data. they cannot, have 4.5 children.
The amount of visitors to my website is another example of discrete numeric data; I will receive 1500 visits in a day, but not 1500.6 , The most common charts used to display discrete data are pie charts, and bar charts.
Continuous:-
Continuous data is not limited to specific values and can have any value. for example, The temperature of the room will change during the day.
Method of Quantitative data collection :-
Analytics tools,
Questionnaires and surveys
Sampling
Analysis of Quantitative data :-
Regression analysis :- It is used to determine a group of variables are correlated with one another and find the relationship between them. It is particularly helpful for predicting the future and identifying trends.
Monte Carlo simulation :-It is utilize it to undertake sophisticated risk analysis, which enables them to precisely forecast potential future events.
Cohort analysis :- A cohort is a group of people who have similar characteristics or engage in similar behaviors during a specific period of time. This is particularly helpful for seeing trends in buyer behavior, for Example :- customer who has purchases product through your app in March 2023
Cluster analysis :- The aim of cluster analysis is to segment various data points into segment that are homogenous or heterogeneous.
Time series analysis:- Time series analysis is used to spot recurring patterns in data throughout time. For Example :-weekly sales or monthly views or subscription on YouTube.
Latest tools of Quantitative data analysis:-
R
Python
Microsoft Power BI
Tableau
Qualitative Data :-
Data that is descriptive and conceptual in nature is referred to as qualitative data and is gathered by observation, interviews, or questionnaires. its definition of traits, and behavior. For Example The cricket ball is orange, blue, and black in color (qualitative data)
Method of Qualitative data collection :-
1. One-to-One Interviews
2. Record keeping
3. Observation
4. Case studies
5. Group Discussion
Analysis of Quantitative data :-
Content Analysis :- This method of qualitative data analysis is By classifying material into words, concepts, and themes, content analysis can be used to find patterns in text. The relationship between all of the collected material can be quantified with the help of content analysis.
Narrative Analysis :- It is especially helpful for developing a thorough understanding of customers’ viewpoints on a certain subject. For Example, People narrative on Narender modi, People narrative on BJP or Congress, People narrative on Bangalore or Delhi or Mumbai etc.
Discourse Analysis :- the emphasis is on how individuals express themselves in various social circumstances like political, and cultural.
Latest tools of Quantitative data analysis:-
MAXQDA – QDA Software
NVivo – automation software
Monkey Learn – AI-powered, qualitative analysis and visualization tool.
Graphical representation :-
Bar-chart:- A bar chart or bar graph displays categorical data. Using rectangular bars with heights or lengths proportional to the values.
Histograms:– The histogram was invented by Karl Pearson , it is a graph called a histogram is used to show the frequency distribution of a small number of data points for a single variable. Histograms frequently divide data into different groups and count how many points are in each groups.
Pie-chart:- A pie chart is a visual representation of the various values of a certain variable or a way to summarise a set of nominal data.
Table-chart:– Data can be arranged in rows and columns using a table chart.
Line-chart:- A line chart that presents data visually as a series of connected points in a straight line. One of the simplest ways to comprehend any trading or financial data is through a line chart.
Mapping of Data:-
Data mapping is the act of matching fields from one database to another. By bridging the gaps between two data models, data mapping ensures that when data is transferred from one source to another, it will be correct and usable there.
The steps of data mapping
Step 1 :- The first step is to define the information that needs to be migrated, including the tables and the fields that are contained Data.
Step 2 :- Matching source fields with destination fields.
Step 3 :- The transformation formula is used if a field has to be transformed.
Step 4 :- using a test system and some sample data from the source to observe how it performs and make any necessary improvements if required.
Step 5 :- Update The data and adjustments when new data sources are added, as data sources change, or as requirements at the destination change.