Pie Chart – the circular graph used to represent the percentage of a variable is called a pie chart. Some types of bar graphs include grouped graphs, segmented graphs, stacked graphs etc. The different categories of data are represented by bars and the length of each bar represents its value. These rectangular bars could be drawn either horizontally or vertically. The conclusion should relate to your data.ĭevelop The Recommendations Of Your Data – the recommendation of your data should be based on your conclusion and findings.īar Graphs – by using bar graphs we can interpret the relationship between the variables in the form of rectangular bars. Put all this information into easy to read tables, graphs, charts etc.ĭevelop findings Of Your Data – develop observations about your data, summarise the important points, and find the conclusion because that will help you form a more accurate Interpretation.ĭevelopment Of The Conclusion – the conclusion is remarked as an explanation of your data. The step by step process for Interpreting Data includes:Ĭollect The Information You’ll Need To Interpret Data – collect all the information you will need to interpret the data.
It helps to evaluate consumer requirements The data interpretation helps to manipulate information in order to answer critical questions The data interpretation mostly helps in decision makingĭata interpretation helps you gain knowledge to achieve a competitive strategy The process of data interpretation provided the business with various cost benefits It helps in predicting upcoming trends and future competition The well-analysed and well-structured data help the managing board to examine the data before taking action to implement new ideas
The importance of data interpretation are: The data to be interpreted can be collected from various sources like data from the running of industries, census population etc. The basic concept of data interpretation refers to the procedures through which data is reviewed by various analytical methods to arrive at an inference. The quantitative method of data interpretation requires statistical methods and techniques like mean, median, standard deviation, etc. The types of quantitative data interpretation are discrete and continuous data. Quantitative data interpretation uses numbers instead of texts to represent the data. Quantitative method -This method is used to analyse quantitative data or numerical data. Ordinal data interpretation is much easier than nominal data interpretation. Nominal and ordinal data are the two types of qualitative data. The qualitative data interpretation used texts instead of numbers or patterns to represent the data. Qualitative method – This method is used to analyse qualitative data or categorical data. There are two methods to interpret the data: The basic concept of data interpretation is to review the collected data by means of analytical methods and arrive at relevant conclusions. Data interpretationĭata Interpretation is the process of understanding, organising, and interpreting the given data, for making sense of and getting a meaningful conclusion. The interpretation of data is subjective and it varies from business to business. The importance of data interpretation is very clear and obvious. Data Interpretation is designed to help people analyse the collected data and make sense of numerical data that has been collected and presented. The collected data may be present in various forms like bar graphs, line charts, histograms, pie charts, tabular forms etc and hence it needs to be interpreted to summarise the information. Data Interpretation refers to the process of using diverse analytical methods for making sense of a collection of data that has been processed.
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