Describe a time when you had to use attribute data analysis

Describe a time when you had to use attribute data analysis in the field? Were you aware of the different analytic tools that you could use? Would you do anything different?

Solution

First we should know about the attribute data analysis. Attribute data is binary in nature so there is no use of that binary data. So to make it useful we have to convert it in discrete data form so that we can make raw data useful. Now the question arises where we can use that data. First we should know that the data is not quantitative, it is qualitative in nature so this type of data is used for the analysis and recording purpose. Attribute means counting of data. So we count and record the condition of any process for analysis process. For example, attribute data is widely used in healthcare sector. We can track the health condition of any patient by recording the data (like daily body temperature) and interpret the result from it. But there is a demerit of attribute data, it does not contains so much variables so it is not possible to predict any condition with using attribute data only.

Yes I am aware of some different analytic tools which are used in business organizations. Here we will discuss about some different analytic tools as follows-

1. Visual Analysis- We can use the graphs or charts for the visualization of any process. Visualization is the best way to understand any process and also the best way to analyze any data. For example if we want to analyze the monthly turnover of any company in a year then we can draw the line graph and can understand in which year the turnover was high and in which year the turnover was low. We can also use the excel sheet or power point files to understand and analyze the data.

2. Time series analysis- This type of data is collected regularly after the certain period of time. From this uniform data we can understand that what would happened in the past and how we performed in past. From this data we can learn lots of thing and can plan our future strategy for business.

3. Data Mining- In this process we collect the bunch of raw data which contains lots of information but before exploring it we cannot understand that data. So first we explore that data and collect the useful information from that and then use that information for our business purpose like to take future decisions.

4. Linear Programming- This is one of the best method form analyze the data. In this tool we have the constraints like raw material, time etc. This method includes mathematical calculation. With creating different kind of conditions we can get the best optimal solution for any problem. For example we can creates the condition of maximize profit with minimize cost and can get the result of that condition. This is the best tool to use before taking any decision.

I think if we already have these kind of very useful analytical tools then we do not need to do something different. We just need to use these tools in a correct manner and try to get the useful data with using these tools so that we can take the right decisions in favor of our organization.