Question

Directions

1. Pick one of the datasets from those dataset collections:
A. Eurostat B
B. Singapore's Open Data Portal
2. Describe the types of data recorded in the datasets. What does a record in the dataset mean?, Describe how this data must have been collected (specify whether data has to be collected in real time or as a result of analysis/aggregation. What data collection procedures may have been used?
3. Discuss the use of this data for making decisions. What type of information can be potentially extracted from this data? What may be an additional data that will be need to answer other more advanced questions?

Answer 1

Datasets from Eurostat or Singapore's Open Data Portal contain various types of qualitative and quantitative information. They are collected through different means, including automated systems and fieldwork, and are essential for decision-making in areas such as economics, providing insights into market behaviors and policy-making.

Step-by-step explanation:

When selecting a dataset from a source such as Eurostat or Singapore's Open Data Portal, it is critical to understand the types of data included. These datasets typically record both qualitative and quantitative information including continuous and discrete data. A single record within such datasets represents an individual entry or observation which may consist of various data fields capturing specific aspects of the subject under study.

The collection of such data could involve a mix of real-time automated systems, fieldwork, surveys, or aggregation of previous records. Data is often compiled from multiple sources, verified for accuracy, and may involve interviews and observational methods for field research.

This data can be utilized to inform decision-making processes in various disciplines. For instance, in economics, data analysis can elucidate patterns and trends about market behaviors, employment rates, and income distribution, providing a basis for policy decisions or financial predictions. Identifying deeper insights will often require additional datasets that complement and refine the primary set to support advanced analytical queries.