Unit 31-LO1 Evaluate business and economic data/information obtained from published sources-BTEC-HND-Level 4 & 5

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

Evaluating business and economic data/information obtained from published sources means understanding the constraints of these extracted unique values to be able to judge their reliability.

Weather conditions and seasonal changes affect the accuracy of the data, as well as publication bias. Younger companies typically have a less established track record than their older counterparts; therefore, estimates derived from performance metrics may not be reliable indicators for comparison yet.

The key here is reviewing how easily you can account for every variable that would affect a business performance estimate so it can pass your criteria of reliability in order to give proper analysis or make any reportable assertions on behalf of the company’s success rates going forward.

Interpretation of business and economic data:

The nature of data and information, and how data can be turned into information and information into knowledge.

Data and information are still being debated by many professionals. They’re both really just words describing a collection of raw facts, but they do have important differences in their meaning.

The biggest difference is that when you collect data, you can’t tell which parts are actually relevant to your topics of interest. This is why information is often generated from scouring through masses of data and finding the tiny bits that might mean something or be interesting. Once this has been established, then the relevant pieces can be grouped together into “information”.

While collecting data allows us to break apart larger subjects into more manageable smaller ones, it’s not enough for generating knowledge or understanding anything about the world around us. The information doesn’t just come from avatars on a screen, but also real people. It’s often the case where information comes from working with others who have their own knowledge and experiences that are relevant to particular issues or concepts. They know things that you don’t and they can fill in the gaps of your understanding or help put it into a different perspective.

Collecting data is just one part of deciding what information is and how we can generate new knowledge based on existing data, collected by various methods.

Interpreting data from a variety of sources using different methods of analysis: descriptive, exploratory, and confirmatory

The three primary steps in data analysis include descriptive, exploratory, and confirmatory methods.

Descriptive statistics is the type of information used to describe a situation or event. This foundational step includes statistical techniques such as mean, median, range, mode, standard deviation; geometrical representations such as bars/charts which illustrate frequency distributions; and graphical methods such as scatter plots which identify any correlation between two variables.

Explore statistics permit the reader to summarize their research without attempting to make predictions about a population. An example might be sorting responses according to age group (i.e., 20-30 years old) or computing how many students were male vs female.

Confirmatory statistics permit the reader to determine whether two variables, such as political orientation and race are correlated. An example might be computing how many registered Democrats voted for Barack Obama in the 2008 presidential election vs how many voted for John McCain.

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