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Exhibit 2.12 Step 3-chart design, layout, and format
Summarizing data can be as simple as placing primary data elements in a work-
sheet, but also it can include a number of modiļ¬cations that make the data more
useable. For example, if we collect data related to a date (1/23/2013), should the date
also be represented as a day of the week (Monday, etc.)? This may sound redundant
since a date implies a day of the week, but the data collector must often make these
conversions of the data. Summarizing prepares the data for the analysis that is to fol-
low. It is also possible that during analysis the data will need further summarization
or modiļ¬cation to suit our goals.
There are many techniques for analyzing data. Not surprisingly, valuable anal-
ysis can be performed by simply eyeballing (careful visual examination) the data.
We can place the data in a table, make charts of the data, and look for patterns
of behavior or movement in the data. Of course, there are also formal mathemati-
cal techniques of analyzing data with descriptive or inferential statistics. Also, we
can use powerful modeling techniques like Monte Carlo simulation and constrained
optimization for analysis. We will see more of these topics in later chapters.
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