Science
Work with data
Collecting
Analyzing
Presenting
Interpreting
Decision making
Companies
Business
Organization
Accounting
accounts receivable amount shown on the client’s balance sheet.
Finance
Investement recomendations
Marketing
Data suppliers
Sell statistical summaries
Marketing Strategies
Understand relation between sales and consumer
Production
Monitor outputs
Economics
Indicators
Facts and figures collected, analyzed, and summarized
Elements, Variables and Observations
Elements: entities in which data is collected
Variable: characteristic of interest for the elements
WTO Status
Per Capita GDP
The total market value of productions in the nation ÷ number of people in the nation
Trade Deficit
Fitch Rating
Fitch Outlook
Observations: set of measurements obtained for a particular element
Scales of Measurement
Categorical and Quantitative Data
Cross-Sectional and Time
Series Data
Existing sources
Observational studies
Experiment
Time and cost issues
Data acquisition errors