Data that has been collected but not processed in any way is known as data. This data needs to be processed into information before any decisions can be taken.
The average value of a set of data can be obtained by calculating one or more of the following: the (the value that occurs most frequently), the (the arithmetic average) or the (the midpoint of a data set).
Measures of dispersion, such as the or the range tell us how widely the data as a whole is distributed around the average value.
series analysis is a technique that allows a firm to identify in past data. This can then be extrapolated in order to help with future , which can be adjusted to allow for and cyclical fluctuations.
Correlation is concerned with establishing a relationship between two . A correlation means that, as one variable increases, so does the other. A correlation means that, as one variable increases, the other falls. A line of can be drawn through the data to establish whether the relationship is weak or strong.
Once data has been analysed, it needs to presented to its intended audience in an appropriate format. The two most common ways of doing this are by using written and . Both of these methods may include the use of a variety of diagrams. Often the best way of presenting detailed information is to arrange it in the form of a . Two of the most effective ways of giving an immediate summary of the data is by using charts, where the values are given as a series of bars, and charts, where the values are represented as segments of a circle. Line graphs, on the other hand, are often used to illustrate changes over time in variables such as data.