Case Study: Yukon Government Awarded Contracts Analysis
Part 04
Exploratory Data Analysis (EDA)
We’ve already cleaned the data and ensured its integrity. Now comes the exciting part: exploration!
Exploratory Data Analysis (EDA) is like shining a light on the data, revealing its secrets and potential. Here, we aim to understand the data’s landscape before diving into deeper analysis.
Categorical VS Numerical Data
Data can be broadly categorized into two main types:
Categorical Data
This data describes qualities or classifications and falls into distinct categories. For example, in our YG awarded contracts data, “department” would be categorical, with options like “Education” or “Health.”
Numerical Data
This data represents quantities and can be measured or counted. One example in our dataset might include “contract amount.”
Central Tendency Measures
Once we’ve identified the data types, we can calculate central tendency measures to understand where the data clusters.
Mean
The sum of all values divided by the number of values. Think of it as the exact center point if you placed all the data points on a balanced scale.
Median
The middle value when all the data points are arranged in order from lowest to highest. Imagine lining up all the data points on a ruler; the median is the value right in the middle.
Mode
The most frequent value within the data set. Think of it as the data point that appears the most often.
Distributions & Outliers
Visualizations like histograms and boxplots help us understand how the data is distributed. Is it clustered around the central tendency measures or skewed towards one side? We’ll also be on the lookout for outliers – data points that fall significantly outside the overall pattern. These outliers might require further investigation.
Identifying Variables for Analysis
We can identify the most relevant variables for our goals through EDA. In our YG awarded contracts case study, we might examine:
Distribution of Contract Amounts
Are there many small contracts or a few very large ones?
Top Vendors
Who are the most frequent recipients of government contracts?
Spending by Department
Which departments are awarded the most funds?
By performing EDA, we gain a foundational understanding of the data. We see how it’s structured, identify potential issues, and begin to formulate questions and hypotheses for further analysis.
Do not miss any part of the Analysis
This analysis will be a compelling case study of the power of Data Analytics applied to government procurement.
If you like data or are interested in how data scientists and analysts do their job or any other case, take advantage of the development of this fascinating case study here at Data Insights.
Continue reading for the next part of this exciting analysis here!
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With a team of highly skilled professionals, we are prepared to transform complex data into actionable insights that drive strategic decisions and improve operational efficiency. If you want to maximize the value of your data and gain a competitive advantage in the marketplace, we invite you to discover how our solutions can help you achieve your goals.
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Transform your data into winning strategies with our Business Intelligence services
At Bizont, we pride ourselves on offering innovative web and application development solutions and empowering our clients with advanced Business Intelligence: Data Analytics, and Business Analysis services.
With a team of highly skilled professionals, we are prepared to transform complex data into actionable insights that drive strategic decisions and improve operational efficiency. If you want to maximize the value of your data and gain a competitive advantage in the marketplace, we invite you to discover how our solutions can help you achieve your goals.
Contact us today, and we will take your business to the next level together!