Tools for interpreting data

Paper details:

Overview: In this module, you learned the importance of how understanding the data variability, uncertainty, and context are crucial to interpreting data. In this assignment, you will manipulate visualizations you completed in the first module and describe how variability, uncertainty, and context affect the interpretation of the specific data presented. Prompt: Using the Google Public Data data set and two audience-specific visualizations created in Module One, adjust the x axis, y axis, and/or visualization style to illustrate changes in context and variability. Write a 2- to 3-paragraph response analyzing how the changes impact the variability and context compared to your Module One visualizations. Go to Public Data and access the Module One data set. Include the following critical elements:  Visualizations o Using the available data and tools, modify the original Module One plots, graphs, etc., for each identified audience:  Change the x axis, y axis, and/or visual style of each visual to change context and variability.  Variability, Uncertainty, and Context o Compare the Module One visual to the changed visual, and include how each of the visuals’ messages have changed overall.  Include discussion of how the variability, uncertainty, or context changed the information communicated from the Module One visual to the new visual.  Data Visualization Methods o Provide an explanation of how each change improved or distorted the information for each audience.  Explain the importance of appropriate use of variability, uncertainty, or context in visualizations

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1-3 Exercise: Data Importance: Real-World Examples

September 19,2020

 

 

 

 

 

1-3 Exercise: Data Importance: Real-World Examples

The information that is generated from the Google Public Data is on the inflation rates in Iceland from 1990 to 2012. The details are based on the information provided by Federal Reserve Economic Data. The records are as given below.

year Inflation rates
1990 21.1%
1992 6.8%
1994 4.1%
1996 1.7%
1998 1.8%
2000 3.4%
2002 6.7%
2004 2.1%
2006 4%
2008 5%
2010 12%
2012 4%

 

Visual Representations

The types of audiences that can be served by this data include the government of Iceland and the investors.

Figure 1: Iceland economy inflation rates from 1990-2012

Bar Graph

Figure 2: Iceland economy inflation rates from 1990-2012

Audience Needs

In the year 1990, Iceland recorded the highest figure of 21.1% and this reduced to 1.7% in 1996.  Despite the high of 21.1%, the rates have remained relatively lower over the years (Google Public Data). The government will manage to realize the rates in the region so that it can institute measures that will help to reduce the general rising prices of the various commodities (Yau et al., 2019). The government must ensure that it is taking the right measures that will ensure that the inflation rates are maintained at low levels for this is a factor that will ensure that the economy of a state will remain stable. Therefore, when the authorities manage to access these details, they will have a platform upon which to determine the years that the general prices of the commodities were on the rise and the factors that triggered this rise and initiate the right measures to control the general increase (Pétursson, 2019). The government strength is that it can tackle the issues causing a rise in the inflation rates. However, government bureaucracy makes the process of tackling the problem a difficult one to undertake.

Additionally, the potential investors will undertake the issues that they are likely to face in the economy with the prevailing economic situation. The prices of commodities are significantly affected by inflation in an economy (Stepanova et al., 2017). Additionally, the ability to transact and make profits relies on the inflation rates and it can be stated that when the rates are high, entrepreneurs are highly likely to suffer reduced prices and reduced profitability levels (Zhao et al., 2018). One of the strengths enjoyed by the entrepreneur is that they can alter their business to avoid investing in the fields that are significantly affected. However, if they may lack the means to calculate the inflation rates due to the high financial level needed to undertake the process (Edwards, 2019). The visual representation procedure that will be used in this case is a bar and line graph. All the figures given are in percentage form.

The overall message for each audience will not change for they are working in the same economic environment. Therefore, when the economic situation deteriorates, they are both adversely affected. Both audiences have a deeper understanding of the terminology and the issue at hand for their activities are directly affected by the rising and declining of the inflation rates.

The education levels, age, and cultural diversity will vary between the two audiences, considering that one is an entity and the other comprises of individuals. Even though the government comprises of people, it cannot be described on matters regarding the age of educational level. However, for the entrepreneur, individuals with high education levels are likely to have a better understanding of the inflation rates and even adopt measures to help their business to survive (Anari et al., 2017). However, the entrepreneurs with low education levels are not likely to have a better understanding of what is comprised in the rates of inflation.

Data Visualization Methods

The data visualization methods used are the line and bar graphs and they are essential to the audience for it is easier to compare the data for the different years (Sun & Hu, 2016). Therefore, it is easier to note any positive change on the declining rates in the Iceland economy. Additionally, the audiences can manage to easily predict what the future holds by focusing on the trend noted in the line and bar graph.

One of the advantages of a line graph is that it shows the relationship and trends that exist in a data set and it is easier to note error values. However, when there are multiple lines in a graph, the details can be confusing making it difficult to understand the information at hand (Larson–Hall, 2017).

One of the merits of using a bar graph is that it can manage to summarise a large data set and present it in a visual way making it possible to compare two or more data sets in the same graph. However, verbal explanations are required when using a bar graph and it can be manipulated leading to false impressions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

References

Anari, Ali and Kolari, James W.(2017). Impacts of Monetary Policy Rates on Interest and Inflation Rates. http://dx.doi.org/10.2139/ssrn.3088133

Edwards, S. (2019). Inflation Targeting, Capital Controls, and Currency Intervention in Iceland, 2012–2017. In The 2008 Global Financial Crisis in Retrospect (pp. 395-410). Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-12395-6_20

Google Public Data. Iceland Inflation. https://www.google.com/publicdata/explore?ds=n6so6j9nrbt3s_#!ctype=l&strail=false&bcs=d&nselm=h&met_y=infl_twelve_month_an&scale_y=lin&ind_y=false&rdim=country&idim=country:IS&ifdim=country&hl=en_US&dl=en_US&ind=false

Larson–Hall, J. (2017). Moving Beyond the Bar Plot and the Line Graph to Create Informative and Attractive Graphics 1. The Modern Language Journal, 101(1), 244-270. https://doi.org/10.1111/modl.12386

Pétursson, T. (2019). Post-crisis monetary policy reform: Learning the hard way. In The 2008 Global Financial Crisis in Retrospect (pp. 371-393). Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-12395-6_19

Stepanova, Y. N., Zinovieva, I. S., & Busarina, Y. V. (2017). Complementary approach to functioning of entrepreneurial structures under the conditions of economic instability of region. In Integration and Clustering for Sustainable Economic Growth (pp. 519-528). Springer, Cham. https://doi.org/10.1007/978-3-319-45462-7_50

Sun, H., & Hu, Q. (2016). A Novel Data Visualization Algorithm Based on the Graph Theory. http://dx.doi.org/10.14257/astl.2016.138.32

Yau, C., Karimzadeh, M., Surakitbanharn, C., Elmqvist, N., & Ebert, D. S. (2019, June). Bridging the Data Analysis Communication Gap Utilizing a Three‐Component Summarized Line Graph. In Computer Graphics Forum (Vol. 38, No. 3, pp. 375-386). https://doi.org/10.1111/cgf.13696

Zhao, Z., Wang, Y., & Feng, Z. (2018). Nearly-linear time spectral graph reduction for scalable graph partitioning and data visualization. arXiv preprint arXiv:1812.08942. https://arxiv.org/abs/1812.08942

xxxxxxxxxxxxxx

 

 

 

 

 

 

1-3 Exercise: Data Importance: Real-World Examples

September 19,2020

 

 

 

 

 

1-3 Exercise: Data Importance: Real-World Examples

The information that is generated from the Google Public Data is on the inflation rates in Iceland from 1990 to 2012. The details are based on the information provided by Federal Reserve Economic Data. The records are as given below.

year Inflation rates
1990 21.1%
1992 6.8%
1994 4.1%
1996 1.7%
1998 1.8%
2000 3.4%
2002 6.7%
2004 2.1%
2006 4%
2008 5%
2010 12%
2012 4%

 

Visual Representations

The types of audiences that can be served by this data include the government of Iceland and the investors.

Figure 1: Iceland economy inflation rates from 1990-2012

Bar Graph

Figure 2: Iceland economy inflation rates from 1990-2012

Audience Needs

In the year 1990, Iceland recorded the highest figure of 21.1% and this reduced to 1.7% in 1996.  Despite the high of 21.1%, the rates have remained relatively lower over the years (Google Public Data). The government will manage to realize the rates in the region so that it can institute measures that will help to reduce the general rising prices of the various commodities (Yau et al., 2019). The government must ensure that it is taking the right measures that will ensure that the inflation rates are maintained at low levels for this is a factor that will ensure that the economy of a state will remain stable. Therefore, when the authorities manage to access these details, they will have a platform upon which to determine the years that the general prices of the commodities were on the rise and the factors that triggered this rise and initiate the right measures to control the general increase (Pétursson, 2019). The government strength is that it can tackle the issues causing a rise in the inflation rates. However, government bureaucracy makes the process of tackling the problem a difficult one to undertake.

Additionally, the potential investors will undertake the issues that they are likely to face in the economy with the prevailing economic situation. The prices of commodities are significantly affected by inflation in an economy (Stepanova et al., 2017). Additionally, the ability to transact and make profits relies on the inflation rates and it can be stated that when the rates are high, entrepreneurs are highly likely to suffer reduced prices and reduced profitability levels (Zhao et al., 2018). One of the strengths enjoyed by the entrepreneur is that they can alter their business to avoid investing in the fields that are significantly affected. However, if they may lack the means to calculate the inflation rates due to the high financial level needed to undertake the process (Edwards, 2019). The visual representation procedure that will be used in this case is a bar and line graph. All the figures given are in percentage form.

The overall message for each audience will not change for they are working in the same economic environment. Therefore, when the economic situation deteriorates, they are both adversely affected. Both audiences have a deeper understanding of the terminology and the issue at hand for their activities are directly affected by the rising and declining of the inflation rates.

The education levels, age, and cultural diversity will vary between the two audiences, considering that one is an entity and the other comprises of individuals. Even though the government comprises of people, it cannot be described on matters regarding the age of educational level. However, for the entrepreneur, individuals with high education levels are likely to have a better understanding of the inflation rates and even adopt measures to help their business to survive (Anari et al., 2017). However, the entrepreneurs with low education levels are not likely to have a better understanding of what is comprised in the rates of inflation.

Data Visualization Methods

The data visualization methods used are the line and bar graphs and they are essential to the audience for it is easier to compare the data for the different years (Sun & Hu, 2016). Therefore, it is easier to note any positive change on the declining rates in the Iceland economy. Additionally, the audiences can manage to easily predict what the future holds by focusing on the trend noted in the line and bar graph.

One of the advantages of a line graph is that it shows the relationship and trends that exist in a data set and it is easier to note error values. However, when there are multiple lines in a graph, the details can be confusing making it difficult to understand the information at hand (Larson–Hall, 2017).

One of the merits of using a bar graph is that it can manage to summarise a large data set and present it in a visual way making it possible to compare two or more data sets in the same graph. However, verbal explanations are required when using a bar graph and it can be manipulated leading to false impressions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

References

Anari, Ali and Kolari, James W.(2017). Impacts of Monetary Policy Rates on Interest and Inflation Rates. http://dx.doi.org/10.2139/ssrn.3088133

Edwards, S. (2019). Inflation Targeting, Capital Controls, and Currency Intervention in Iceland, 2012–2017. In The 2008 Global Financial Crisis in Retrospect (pp. 395-410). Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-12395-6_20

Google Public Data. Iceland Inflation. https://www.google.com/publicdata/explore?ds=n6so6j9nrbt3s_#!ctype=l&strail=false&bcs=d&nselm=h&met_y=infl_twelve_month_an&scale_y=lin&ind_y=false&rdim=country&idim=country:IS&ifdim=country&hl=en_US&dl=en_US&ind=false

Larson–Hall, J. (2017). Moving Beyond the Bar Plot and the Line Graph to Create Informative and Attractive Graphics 1. The Modern Language Journal, 101(1), 244-270. https://doi.org/10.1111/modl.12386

Pétursson, T. (2019). Post-crisis monetary policy reform: Learning the hard way. In The 2008 Global Financial Crisis in Retrospect (pp. 371-393). Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-12395-6_19

Stepanova, Y. N., Zinovieva, I. S., & Busarina, Y. V. (2017). Complementary approach to functioning of entrepreneurial structures under the conditions of economic instability of region. In Integration and Clustering for Sustainable Economic Growth (pp. 519-528). Springer, Cham. https://doi.org/10.1007/978-3-319-45462-7_50

Sun, H., & Hu, Q. (2016). A Novel Data Visualization Algorithm Based on the Graph Theory. http://dx.doi.org/10.14257/astl.2016.138.32

Yau, C., Karimzadeh, M., Surakitbanharn, C., Elmqvist, N., & Ebert, D. S. (2019, June). Bridging the Data Analysis Communication Gap Utilizing a Three‐Component Summarized Line Graph. In Computer Graphics Forum (Vol. 38, No. 3, pp. 375-386). https://doi.org/10.1111/cgf.13696

Zhao, Z., Wang, Y., & Feng, Z. (2018). Nearly-linear time spectral graph reduction for scalable graph partitioning and data visualization. arXiv preprint arXiv:1812.08942. https://arxiv.org/abs/1812.08942

DAT 530 Variability and Context Guidelines and Rubric
Overview: In this module, you learned the importance of how understanding the data variability, uncertainty, and context are crucial to interpreting data. In this
assignment, you will manipulate visualizations you completed in the first module and describe how variability, uncertainty, and context affect the interpretation
of the specific data presented.
Prompt: Using the Google Public Data data set and two audience-specific visualizations created in Module One, adjust the x axis, y axis, and/or visualization style
to illustrate changes in context and variability. Write a 2- to 3-paragraph response analyzing how the changes impact the variability and context compared to
your Module One visualizations.
Go to
Public Data and access the Module One data set.
Include the following critical elements:
Visualizations
o Using the available data and tools, modify the original Module One plots, graphs, etc., for each identified audience:
Change the x axis, y axis, and/or visual style of each visual to change context and variability.
Variability, Uncertainty, and Context
o Compare the Module One visual to the changed visual, and include how each of the visuals’ messages have changed overall.
Include discussion of how the variability, uncertainty, or context changed the information communicated from the Module One visual to
the new visual.
Data Visualization Methods
o Provide an explanation of how each change improved or distorted the information for each audience.
Explain the importance of appropriate use of variability, uncertainty, or context in visualizations.
Rubric
Guidelines for Submission: In Microsoft Word, for each audience, submit a side-by-side comparison of your Module One visualization and the new visualization
and the written description for each audience, including the required critical elements.

Critical Elements Exemplary (100%) Proficient (90%) Needs Improvement (70%) Not Evident (0%) Value
Visualizations Meets “Proficient” criteria, and
the selected visualizations
were employed to their fullest
extent as appropriate for the
intended audience
Correctly modifies the
visualization of each data set to
reflect appropriate changes for
each identified audience
Presents slight visualization
change and is unable to clearly
identify the intended
audience(s)
Selected visualizations do not
identify the intended audience
and fail to meet audience
needs
60
Variability,
Uncertainty, and
Context
Meets “Proficient” criteria, and
comparative analysis is
objective and professional
Visualization clearly identifies
proper attributes and
comparison of each target
audience
Data within the visualization is
unclear and needs
improvement to properly
identify proper attributes and
comparison of each target
audience
Submission does not include
comparison of two target
audiences in terms of the
overall message and applicable
attributes
20
Data Visualization
Methods
Meets “Proficient” criteria, and
evaluation reflects a thorough
analysis of why different
methods are appropriate for
different audiences
Data method visualization
methods clearly demonstrate
proper use of uncertainty,
variability, and context in
visualization for each audience
Data method visualization
method(s) infer importance of
appropriate use of uncertainty,
variability, or context in
visualizations, but needs
additional supporting elements
Submission does not include
any data visualization methods
used
20
Total 100%

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