Gonzales, Allen Rae D.

Assessment # 1

In business analytics, I only have 2 expectations with regards to learning about

the subject. My first expectation is that by the end of the semester is that I would be
able to realize the importance of business analytics when running a specific business.
As we all know when we grow up in the future, running a business will be very hectic
and stressful, and to learn to appreciate the importance of business analytics will be
very helpful because I believe that business analytics will be a very vital tool when it
comes to the success that a certain business can achieve. My second expectation is
that I hope that I would be able to gain more knowledge about the different concepts
and ideas about business analytics because in the future, I want to use all these
learnings that I will get in business analytics to be able to apply them when I become
either an accountant or an aspiring businessman. Based on the expectations I’ve
mentioned earlier, my own definition of business analytics is that these are what I would
call as tools that are helpful inside a business that can determine what are the statistics
and data present inside the business and how these amounts of information could help
a certain business move forward towards the path to success.

In terms of my proficiency in using Microsoft Excel, I would say on a scale from

1-10, I would rate myself as 7 because back in my alma mater, ever since grade school,
we were already given background information about the different applications that are
present in Microsoft Office and on how to use them as well, and with that, I was able to
know about MS Excel. Being new to the application at first, I was still not able to utilize
properly how MS Excel should be used, but when I was able to reach high school, I was
able to understand at that time the proper way to use MS Excel because of the subject
“Computer Technology” and there afterwards I was able to use the application properly.
Even though I know how to use MS Excel properly now, there are still things that I
haven’t learned such as other shortcut keys, new formulas and more trivial things that
can be done when using MS Excel.

To know how Categorical Data and Quantitative Data are different from one
another, firstly, here are the definitions of the two types of data mentioned. First is
Quantitative Data, it is defined as a type of data in which the data are identified in the
form of numerical values or counting values. In short, if there are numbers present when
studying a certain data set, it will fall under Quantitative Data. There are many examples
in which the definition of Quantitative Data is applied in a specific set. Height of a
person, weight of a person, net worth of a person, population of a certain city or country
are primary examples of data that fall under Quantitative Data. Next up is Categorical
Data, it is defined as a type of data in which the information in the form of words, is
collected and then disseminated into different groups based on their property. It is called
Categorical Data because there are data that have similar variables or properties; thus,
they are being categorized as whole collection. These data are commonly identified
when there is a biodata being filled up. Examples of these are the following: Gender, if
the biodata is asking if the person is male or female or other sexual orientation. Another
is the Customer Satisfaction level, these are classified from very poor, poor,
satisfactory, very satisfactory and excellent. Hair color is another example wherein if the
biodata is asking if the person has black, blonde, red, green hair etc. Now when it
comes to the differences between the two types of data, Quantitative Data are sets of
data that are in the form of numbers, while in Categorical Data, these are sets of data
that cannot be measured in numerical values, making the information in word form.

A measure of central tendency is a summary of information that mainly indicates

where most of the values fall in a certain location of a given distribution. It can be
thought as the likelihood of the data to wander around a common ground. There are 3
commonly used measurements of central tendency in statistics. These are the mean,
the median and the mode. First is the mean, in a set of the data, the mean is measured
by calculating the average of all the values in the data set. To simply get the average,
you would only need to add all the values present and then you divide by how many
values are there in the data set. For example, is that I have a given set of values (25,
28, 34, 38, 42), to find the mean you need to add up all the values and you will get 167
and divide them by how many values are there which is 5, then divide 167 by 5 and you
will get 33.4, which is the mean. Next is the median, this is the middle value that splits
the data set into 2 parts. When looking for the median, it depends on how many values
are present in the given data set. For example, I have a given set of values (10, 15, 18,
24, 29, 33, 36), to find the median as I’ve said, you need to identify the middle part of
the set, which is 24, so the median of these set of values is 24. Last but not the least is
mode, to simply measure the mode of a data set, you need to identify which values from
the given data set are frequently used the most. For example, I have here a set of
values (12, 12, 12, 15, 15, 19), to find the mode you need to identify which of these
values have been frequently used the most, so in this case, 12 is the most frequently
used, so the mode is 12.

To know the difference between standard deviation and variance, here are the
definition for each one of them. Variance is the measurement of how much between the
scores of each data set is spread out from the computed mean. Example on how
variance is solved is: I have a set of scores (34, 41, 29, 30, 22), the first thing you need
to do is to find the mean which is equivalent to 31.2, then you need to subtract the
computed mean from each of the given scores and you will get (2.8, 9.8, -2.2, -1.2, -9.2)
respectively as the deviation from the mean, after getting the deviation, you would need
to get the square of each of the deviation and then you will get (7.84, 96.04, 4.84, 1.44,
84.64) respectively, and then you would add up the squared values and you will get
194.8, and finally, divide the sum of the squared values by n – 1, with n being the
sample size, so it will come up with (194.8 / (5-1) = 48.7) with 48.7 being the variance.
On the other hand, the standard deviation is the dispersion between the scores of the
given data set. To get the standard deviation, you would only need to square root the
variance of a given set of scores. Take the previous example in solving for the standard
deviation, the variance is 48.7, to get the standard deviation you would need to square
root 48.7 and you will get 6.97 as your standard deviation. To sum it up, the difference
between standard deviation and variance is that variance measures how much the
values are spread out from the given mean while in standard deviation measures the
disparity of the values from the mean.
 Reference

Bhandari, P. (2020, October 12). Understanding and calculating variance. Scribbr.

https://www.scribbr.com/statistics/variance/

Frost, J. (n.d.). Measures of central tendency: mean, median and mode. Statistics by
Jim. https://statisticsbyjim.com/basics/measures-central-tendency-mean-median-
mode/

Formplus Blog. (2020, December 7). Categorical data: definition + [examples, variables
& analysis]. Formplus. https://www.formpl.us/blog/categorical-data

Fromplus Blog. (2020, December 7). What is quantitative data? + [types & examples].
https://www.formpl.us/blog/quantitative-data

Surbhi, S. (2020, February 13). Difference between variance and standard deviation.
Key Differences. https://keydifferences.com/difference-between-variance-and-
standard-deviation.html