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Chapter 2

ECO220Y1 Chapter 2: Chapter 2 - Data
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Department
Economics
Course Code
ECO220Y1
Professor
Victor Yu

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ECO220
May 2018
1
Chapter 2: Data
Collecting data on customers, transactions and sales lets companies track inventory and
know what their customers prefer
o Can help businesses predict what their customers may buy in the future so that they'll
know how much to stock
o Can improve customer service by mimicking the kind of personal attention in the past
o Can better serve their customers and compete more effectively
Transactional data: data collected for recording a company's transactions
Business analytics: any use of statistical analysis to drive business decisions from data, whether
the purpose is predictive or simply descriptive
LO 2.1 What are Data?
Data: Systematically recorded information, whether numbers or labels, together with its context
Context: the 5 W's: Who, What, When, Where, Why and How
Information is helpful and meaningful if there is context
Organize the data into a table
o In general, a row of a data table corresponds to an individual case about whom we
recorded some characteristics
Who is being measured?
What is being measured (the variables)?
When is the data being collected?
Where is the data being collected?
Why is the data being collected?
How is the data being collected?
Case: An individual about whom or which we have data
Respondent: Someone who answers or responds to surveys
Participant (Subject): A human experimental unit.
Experimental Unit: An individual in a study for which or for whom data values are recorded.
Human experimental units are usually called subjects or participants
Record: Information about an individual in a database
Variable: each characteristic recorded about each individual or case
Usually shown as column of a data table
If the number of cases (who) is smaller than the number of characteristics (what), we may
interchange rows and columns in a data table

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Description
ECO220 May 2018 Chapter 2: Data Collecting data on customers, transactions and sales lets companies track inventory and know what their customers prefer o Can help businesses predict what their customers may buy in the future so that theyll know how much to stock o Can improve customer service by mimicking the kind of personal attention in the past o Can better serve their customers and compete more effectively Transactional data: data collected for recording a companys transactions Business analytics: any use of statistical analysis to drive business decisions from data, whether the purpose is predictive or simply descriptive LO 2.1 What are Data? Data: Systematically recorded information, whether numbers or labels, together with its context Context: the 5 Ws: Who, What, When, Where, Why and How Information is helpful and meaningful if there is context Organize the data into a table o In general, a row of a data table corresponds to an individual case about whom we recorded some characteristics Who is being measured? What is being measured (the variables)? When is the data being collected? Where is the data being collected? Why is the data being collected? How is the data being collected? Case: An individual about whom or which we have data Respondent: Someone who answers or responds to surveys Participant (Subject): A human experimental unit. Experimental Unit: An individual in a study for which or for whom data values are recorded. Human experimental units are usually called subjects or participants Record: Information about an individual in a database Variable: each characteristic recorded about each individual or case Usually shown as column of a data table If the number of cases (who) is smaller than the number of characteristics (what), we may interchange rows and columns in a data table 1
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