Ch 10 Questions

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Chemistry

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Dec 6, 2023

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Ch 10 Discussion: 1. To begin, numerical data consists of numbers and categorical data are identified by names or labels. Numerical data is quantitative, some examples would be like weight, height, age, number of people in a room, a shoe size, temperature, and time. Categorical data would be qualitative, some examples would be a person’s name, eye color, income level, and satisfaction level. A bar chart would be optimal for numerical data since, bar charts are used for a broader range of data. Let’s say we did a survey to see what the average transaction size by payment type. We would categorize it by having the different forms of payment, cash, digital wallet, credit cards, debit cards and checks. We would categorize it by the amount being spent, for example when it comes to paying in cash we can say that people carry less cash now a days, so maybe transactions would be less. Compared to someone who is buying a house, they might be using a check to make the payments. A pie chart would be optimal when it comes to categorical data. We use pie charts to show percentage of a whole and represents percentages at a set point of time. As an example we can do a survey in a college class and we could randomly ask students “ what their eye color is “ and we could list : brown, green, blue, green, hazel and grey. A pie chart would be optimal because when we place data we could see the total percentages when it comes to what color eyes is the most common. 3. Both bar charts and a table are a great way to visualize and compare data. Bar charts are best used when comparing values of different categories. For example a bar chart would be perfect to show the different genres of movies and what the favorite genre is within a group of people. However, a table would be used to display a range of outputs given a range of different inputs. This is more used in excel, and when we want to use the “ What-if “ analysis tool. An example is for when we have a formula and we want to see expected data, this is to help with future budgets and where any budgeting would need to be made. Exercises: 1. - Trend of net income over the past 5 years: bar or line chart - emphasize proportions (sales of each of the company’s segments: pie charts - ratio data: bar or line chart -Numerical data: bar or line chart - company sales versus sales returns: bar or line chart -categorical data : pie chart 2. - Descriptive statistics: brief summaries ( or factoids) of a data set that provide a representation of the data set as a whole. - trend: general direction something is going. - proportion: the number of observations in one particular category divided by the grand total of observations. - Ratio data: numerical data with an equal and definitive ratio between each data point and absolute “zero” is the point of the origin.
- Scatter plot: values of two variable, each plotted on its own axis to exhibit possible correlation. - Time series data: observations taken on a variable at different points in line. 3. - Scatter plot: predictive - Times series data: predictive - Tables displaying sensitivity analysis: prescriptive - Pie charts: descriptive - Breakeven graph: prescriptive - Line and bar charts: descriptive - Box plots: diagnostic -Histograms: descriptive
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