Data Analysis and Decision Making

MAIN BODY

1. Representation of data in tabular form:

In this task of report, humidity data of London city for ten days has been presented in format of table in below mentioned manner:

2. Dara representation in charts:

Bar chart- It is a type of graph or chart that presents monetary data in the form of rectangular bars that contains heights proportional to values. Herein, below a bar chart is prepared that includes information about humidity percentage of ten days:

Column chart- It is a type of graph or chart that presents monetary data in the form of vertical bars that contains values horizontally (Wang and Sun, 2015). Herein, below a bar chart is prepared that includes information about humidity percentage of ten days:

3. Calculations of mean, median, mode, standard deviation and range:

Mean- The term mean can be defined as a type of value that is computed by dividing addition of all numbers by number of value. Herein, below formula to calculate mean is mentioned in such manner:

Mean= ∑N/ N

N= 10

∑N= 943

Mean= 943/10

= 94.3

Mode- There is no any specific formula to compute mode in the case of individual data series (Greenacre, 2017). This can derived by checking frequency of numbers in a data series and if a number whose frequency is higher then it will be considered as mode. Such as in the above mentioned data series, value of mode is 98 because its frequency is three that is higher among all numbers.

Median- It is a mid value in a data series. This can be computed as per the nature of data like if number of data are odd then formula will be as: M = N+1/2^th item. While if number of data are even then M = (N/2^th item+N/2^th item + 1)/2. Before applying this formula, it is necessary to arrange all data in ascending order. Herein, below calculation of median of humidity data is done in such manner:

N = 10 (Even)

M = (N/2^th item+N/2^th item + 1)/2

= (10/2+10/2+1)2

= (5^th item+6^th item) / 2

= (95+95) / 2

= 95

Range- It is defined by making variation between maximum and minimum values among group of numbers (Fisher, 2017). Such as in the above mentioned data of humidity, higher number is 98 and lower number is 89. So value of range is 9 (98-89).

Standard deviation- This may be defined as calculation of value of variation in any particular data series. Herein, underneath calculation of standard-deviation is done below in such manner:

Variance = [ ∑(x – mean) ² / N ]

= 112.1/10

= 11.21

Standard deviation = √ ( variance )

= √ 11.21

= 3.35

4. Calculating values of m, c and humidity forecast of day 15 and 20.

Also Read:- Managing Innovation In Business 

1. Calculation of value of M-

M = N * ∑xy - ∑x * ∑y / N*∑x² - ( ∑x )²

= 10*5197-55*943/10*385-(55)²

= 51970- 51865/3850-3025

= 105/825

= 0.13

2. Calculation of value of c:

C = ∑y- m ∑x/ N

= 943- 0.13* 55/10

= 943-0.715

= 942.28

3. Forecasting for 15^th

Y= mx+c

= 0.13*15+942.28

= 944.23 or 94.44%

For 20^th day

= 0.13*20+942.28

= 2.6+942.28

= 944.28 or 94.44%

CONCLUSION

On the basis of above project report, it has been concluded that data analysis contributes effectively in order to make accurate judgements. Report concludes about computation of mean-mode-median as per the given data set. As well as in further part of report, forecasting of humidity is done for 15^th and 20^th day.

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