Module 3
Course Content
Data Literacy and Business Analytics for business:
• Introduction to data literacy
• Mathematical functions (mean, mode, median)
• Types of variables
• Employ data effectively
• Make key business decision with keystone projects
What is data literacy?
• The ability to explore, understand, and
communicate with data in a meaningful way is
known as data literacy.
• Data literacy involves a wide range of capabilities, such as:
- Assessing the reliability of the data sources.
- Identifying trends, patterns, and outliers within datasets to
uncover valuable information.
- Clearly communicating insights derived from data analysis to
both technical and non-technical users.
Key Components of Data
Literacy
• Understanding Data Types, Sources, and Formats
• Data Cleaning
• Analytical Thinking
• Data Visualization
• Communication
Benefits of Data Literacy
• Enhanced Accountability
• Risk Management
• Better Efficiency
• Improved Communication
Three C’s of Data Literacy
• Comprehension
• Communication
• Critical thinking
1)Comprehension: Refers to the ability to perceive and translate data
from various sources. Some of the key components include:
Data Analysis: Performing basic data analysis tasks like identifying
relationships and calculating averages.
Data Visualization: Creating and representing data in visual representations
like graphs and charts for better understanding.
Data Interpretation: Drawing meaningful conclusions to gain enhanced insights
Communication
• Conveying data-driven insights to others.
• The key components of communication:
Clear Communication: This is the ability to present information in a way that is
easy and interesting to understand for individuals with varying backgrounds.
Visualization Design: Creating well-structured dashboards, charts, and graphs for
the efficient transfer of your insights.
Storytelling with Data: Using data to create compelling and interesting stories to
gain the attention of audiences.
Reporting: This refers to designing the reports and presentations to highlight the
major findings after analyzing your data.
Critical Thinking
• Comprises multiple tasks, such as putting up questions, assessing the data, and
making enhanced decisions based on the proofs after analyzing the data. Key
components of critical thinking include:
Data Evaluation: It is the ability to determine the quality and credibility of the
data sources. It also checks the methods that you have used to collect this
data.
Theory Testing: Using data to test all the assumptions and making decisions
based on those assumptions.
Ethical Considerations: Identifying and addressing ethical issues, such as
privacy, security, etc.
Measuring Central Tendency
• Central Tendency: A central value around which data tends to cluster
• The 3 Central tendency in Statistics are:
1) Mean 2) Median 3) Mode
• Objectives to study central tendency:
1) To get one single value that describes the characteristics of the
entire data
2) To facilitate comparison
Arithmetic Mean
• Ungrouped Data
• Grouped Data
• Ungrouped Data: Formula:
