ECO220Y1 Chapter Notes - Chapter 2: Time Point, Categorical Variable, Business Analytics
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ECO220Y1 Full Course Notes
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Document Summary
Collecting data on customers, transactions, and sales lets companies track inventory and know what their customers prefer. Transactional data: data collected for recording a company"s transactions. Data mining (predictive analysis): using data (such as past behaviour of customers) to make other decisions and predictions. Business analytics (analytics): any use of statistical analysis to drive business decisions from data; whether predictive or descriptive. Data: systematically recorded information, whether numbers or labels, together with its context. Context: the context ideally tells who was measured, what was measured, how the data were collected, where the data were collected, and when and why the study was performed. Data table: an arrangement of data in which each row represents a case and each column represents a variable: a common place to find the who of the table is the leftmost column. Cases: individual items listed in the rows of a data table. Subjects (participants): people on whom we experiment.
