For Professor Ryan ONLY

Business Research Methods, Ch. 16

created by LOUIS DAILY

Last updated Feb 24, 2015, 7:24 AM

1

· Comment on Feb 22, 2015, 10:52 PM

Message collapsed. Message unread EDA

posted by LOUIS DAILY at Feb 22, 2015, 10:52 PM

Last updated Feb 22, 2015, 10:52 PM

Histograms, box-plots, and stem and leaf displays can clarify how data is distributed.  These plots and the various graphs (bar, line, etc) are an important part of Exploratory Data Analysis.   Discuss.  Questions?

· Comment on Feb 24, 2015, 7:24 AM

Message collapsed. Message read Re: EDA

posted by ERIK SEIDEL at Feb 24, 2015, 7:24 AM

Last updated Feb 24, 2015, 7:24 AM

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While I've used some basic plots and graphs in my career, primarily bar and line graphs, I'm learning through this class just how valuable these graphs can be.  I'm also learning about the usefulness of other types of graphs that I have not really considered before.  Scatter plots are an excellent example.  I know that I've seen these types of graphs before but just glanced over them because I didn't really understand them or their value.  However, these charts can be very useful because they show various data points in a dataset and how they relate to each other.  By reviewing this, one can determine if there is a positive or negative correlation between the variables on the horizontal and vertical axis.  For example, our medical management team at our health insurance company is interested in determining whether spending more on medical management efforts results in overall lower medical expenses.  By charting the medical management expenses and medical expenses of various health insurance companies on a scatter plot, this can be determined.