Data is an integral part of business analytics. Data can be collected in a variety of ways, but most data is either observed or collected directly from respondents.
We will go over different types of data that you may encounter during the course of your career in business analytics.
The following are the types of data that you will encounter:
Qualitative Data: Evaluative or subjective observations. This type of data is not numerical, and cannot be measured on a scale of zero to ten with one being low and ten being high.
For example, if someone gave your product eight out of ten ratings, it would be qualitative data but it could still provide insight into customer satisfaction levels. Qualitative data can include words like ‘strongly agree,’ ‘somewhat disagree,’ or phrases such as “I think I’ll buy this.”
Quantitative Data: These are measurements from 0 through 100 where 50% is at the middle point (50) on the scale for both positive and negative.