Interpretation of data

Topic: World cup 2016

Subject : business analytics
Assignment no 1

 Nominal Scale: non-numeric categories that cannot be ranked or compared

quantitatively. Variables are exclusive and exhaustive.

 Interval: a measurement scale where data is grouped into categories with

orderly and equal distances between the categories. There is always an
arbitrary zero point.

 Mean: a mean represents a numerical average for a set of responses. When

dealing with a data set (or multiple data sets), a mean will represent a central
value of a specific set of numbers. It is the sum of the values divided by the
number of values within the data set. Other terms that can be used to
describe the concept are arithmetic mean, average and mathematical
expectation.

 Median: The middle number; found by ordering all data points and picking out
the one in the middle (or if there are two middle numbers, taking the mean of
those two numbers).

 Mode: The most frequent number—that is, the number that occurs the highest
number of times.

 Geometric mean: takes several values and multiplies them together and sets
them to the 1/nth power

 Range: as a single number representing the spread of the data

 Standard deviation:  this is another statistical term commonly appearing in

quantitative analysis. Standard deviation reveals the distribution of the
 responses around the mean. It describes the degree of consistency within the
responses; together with the mean, it provides insight into data sets.

 Variance: as a number indicating how spread out the data is.

 First quartile: the lowest 25% of numbers.

 Third quartile: 0% to 75%

 The interquartile range (IQR) is the distance between the first quartile
(Q1) and the third quartile (Q3). 50% of the data are within this range.

 Box plot : A boxplot is a standardized way of displaying the distribution of

data based on a five number summary (“minimum”, first quartile (Q1), median,
third quartile (Q3), and “maximum”). ... It can also tell you if your data is
symmetrical, how tightly your data is grouped, and if and how your data is
skewed.

 Scatter plot: If the data show an uphill pattern as you move from left to
right, this indicates a positive relationship between X and Y. As the  X-values
increase (move right), the Y-values tend to increase (move up).
 If the data show a downhill pattern as you move from left to right, this
indicates a negative relationship between X and Y.  As the X-values  increase
(move right) the Y-values tend to decrease (move down).
 If the data don’t seem to resemble any kind of pattern (even a vague one),
then no relationship exists between  X  and Y.
 Coefficient of variance: The coefficient of variation measures the ratio of
the standard deviation to the mean. The standard deviation is used more
often when we want to measure the spread of values in a single dataset.1