Importance of Type of Data in Process of Decision making : Report

Added on - 22 Jul 2020

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Evaluating and analysingbusiness and economic data
Table of ContentsINTRODUCTION...........................................................................................................................11. Type and source type..........................................................................................................12. Type of data helpful in decision making............................................................................23. Inclusion of data for better decision making......................................................................34. Conversion of data from information to knowledge and knowledge to information.........35. Conversion of results of the questionnaire into information and then to knowledge.........46. Different methods of data analysis.....................................................................................47. Use of confirmatory data analysis in order to draw the relationship between populationgrowth rate and car’s sales.....................................................................................................58. Reason of not considering descriptive data analysis for studying GDP per capita andcar’sales..................................................................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONBetter decision making is dependent on the procedure that have been used by the analystto analyse the data (Smith, 2015). The report discusses difference between type and source type.The report then focus on importance of type of data in the process of decision making. Athorough discussion on different methods of data analysis will also be considered in order tomake the results through the data effective and efficient. In the end, major emphasis will be puton reason of non conducting descriptive data analysis.1. Type and source typeSource type is an attribute which is used to perform a particular task. Data is required tobe collected through authenticated online sources. Source type is a type of default that is notrequired to be entered by the user as it is assigned to all the data which is selected for theanalysis. Assigning the correct source for the data plays vital role in interpretation and findingappropriate results. Developing source type for the data helps in easily finding out the data later.There are various software that are used to confined large number of data by specifying themthrough pre determined source type. These softwares automatically select the relevant andcorrect data type. However, if the data is specialised, it becomes important for the user to enterthe type of source manually and select a pre determined source type. In case of unusual type ofdata, it becomes important for the user to create a new source with customized settings of eventprocessing. Further, if the type of data is heterogeneous, in that case, user need to assign the databased on source type on per event rather than per source basis (Kokk and Jönsson, 2013).There are basically two types of configuration that can be done to the source types:Assigning source type to the particular dataCreate new source type either from the initial stage or by modifying an existing sourcetype.It is quite different from the type as it defines the nature of data that whether it ishomogeneous or heterogeneous. It further helps in deciding that whether the user have to create anew source or the source will automatically be generated.In the given scenario of cars, there are three source types that have been chosen by theresearcher that is, affordable, expensive and very expensive. However, in the similar case, thetype is heterogeneous as multiple types of cares are considered such as, Mercedes Benz, Peugeot,1
Ford, Toyota and Volkswagen. The software can automatically transport type and source type onthe basis of name of the company and its affordability.There are basically two types of data. These are, qualitative type of data and quantitativetype of data. Qualitative type of data helps in addressing the approximate characteristics but doesnot hold the quality to measure the same in terms of numbers. Some of the common examplesare stating that the car is expensive or the colour is prettier than the other one. However, in caseof qualitative data, information is gathered in numerical format, where it can be measured andwritten down in numbers. Some common examples of the same are, length and height of the car,mileage and other measurable characteristics.2. Type of data helpful in decision makingType of data is quite helpful is quite helpful in decision making process. There arebasically two type of data that is homogeneous where analysis of one type has been made such asone company. Another type of data is heterogeneous where varied data types are considered forinstance comparing varied companies. In the given scenario, heterogeneous type of data isconsidered as the comparison will be made based on the data of several car companies. Thecompanies named Mercedes Benz, Peugeot, Ford, Toyota and Volkswagen.If the data could have been homogeneous the comparison could have been difficult tomake decision as verdict for single company have to be made. However, in case of the data ofdifferent companies, the comparison of affordability is easy to distinguish.Decision making process involves uncertainty and risk. Hence, it becomes important forthe researcher to analyse the data in effective manner in order to reach to a valid conclusion.There are two types of analysis that can be made by the analyst, that is, qualitative andquantitative. There are basically seven major steps of effective decision making. They arementioned as follows:Identify the basis on which decision is required to be madeGather relevant data through authenticated source. In this case, data of sales have beencollected the researcher through annual report.Identification of alternatives (Punchand Oancea, 2014).Weighing them through evidence. In the given scenario the evidence is sales beingconducted in the given year.2
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