Question

EXERCISES 1. What do you understand by the term 'data’ as used in statistics? Why is it essential to organize data ?
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Answer 1

Data are individual pieces of factual information recorded and used for the purpose of analysis. It is the raw information from which statistics are created. Statistics are the results of data analysis - its interpretation and presentation. Often these types of statistics are referred to as 'statistical data'.Why is data organization important? Good data organization strategies are important because your data contains the keys to managing your company's most valuable assets. Getting insights out of this data could help you obtain better business intelligence and play a major role in your company's success.