M670_0(Data)

M670_0(Data) - Data: DistributionsandRelationships...

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Data: Distributions and Relationships k   Krannert School of Management Purdue University Pre-Session
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  2 Using Data for Decisions We deal with data everyday to make decisions. Dow Jones averages for investment decisions Sales and inventory data for production planning Customer preference survey for new product  introduction Very large data sets are not uncommon. Wal-Mart : over 20M transactions per day in a 10  terabytes (10 12 ) database. AT&T : 100M customers and 300M long-distance  calls per day. 
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  3 Statistics: The Science of Data Collecting Data Surveys Experiments Presenting Data Charts & Tables Characterizing Data Averages Variances Data  Analysis Decision- Making © 1984-1994 T/Maker Co. Why? © 1984-1994 T/Maker Co.
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  4 Components of Data Set The  elements  (also called  individuals ) are the entities on  which data are collected.  variable  is a characteristic of interest for the  elements. The set of measurements collected for a particular  element is called an  observation .
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  5 Elements, Variables, and Observations Elements   Stock         Annual     Earn/ Company           Exchange    Sales($M)   Sh.($) Dataram AMEX 73.10     0.86 EnergySouth   OTC 74.00     1.67 Keystone  NYSE          365.70     0.86   LandCare  NYSE          111.40     0.33 Psychemedics AMEX 17.60     0.13 Variables Observation
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  6 West Lafayette, IN versus Beverly Hills, CA (2005) Element West Lafayette Beverly Hills National Average Population 30518 34284 -- Median Age 22.77 40.82 35.5 Household size 2.29 2.1 2.55 Income per Cap. 17557 77848 21658 Household income 30511 75018 44958 Unemployment 2.21% 5.45% 3.98% Future job growth 14.14% 7.34% 10.80% Median Home Cost 81,870 986,070 146,102 Air Quality(100=best) 41 1 33 Snowfall 21 0.1 24.3 Commute Time 11.7 18.7 19.1 Source:  www.bestplaces.net  (2005)
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  7 West Lafayette, IN versus Beverly Hills, CA (2006) Element West Lafayette Beverly Hills National Population 28997 34979 293,655,400 Median Age 24.7 43.6 37.6 Household size 2.19 2.32 2.60 Income per Cap. 19,867 62,062 24020 Household income 26,614 80,721 44684 Unemployment 3.10% 3.00% 4.60% Future job growth 15.56% 20.40% 11.90% Median Home Cost 187,900 2,163,000 217,200 Air Quality(100=best) 41 1 48 Snowfall 21.2 0 25.2 Commute Time 16.6 26.5 27.4 Overall Cost of Living 82 362 100 Source:  www.bestplaces.net  (2008)
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  8 Categorical and Numerical Variables Categorical   variables: divide data into two or more  categories.  also called  qualitative   variables Numerical  variables: indicate how much or how  many using numbers also called  quantitative   variables Why distinguish?  To determine what  computation makes sense Examples: gender (male/female),  hair color (brown, blonde, brunette,  …), economic status (low, medium,  high),  satisfaction (1-10).
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M670_0(Data) - Data: DistributionsandRelationships...

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