Understanding And Managing Data

Understanding and Managing DataBy (Name)Institution Course InstructorDate Task 3: Data Types [8 marks]Required for Task 3 (100 words max)With reference to examples relevant to the retailer’s information needs, discuss the differences between cross-sectional data and time series data. [4marks]Cross-sectional data are those gathered at a particular moment. It gathers data from several people or organizations (Epskamp, et al., 2018). For instance, if a store of kitchen equipment conducted a poll on a single day, asking consumers about their demographics and lifestyle preferences. Time series data involves collecting data over a period of time at regular intervals. For instance, it is when a retailer collects data on customer purchases and preferences every month for a yearState whether cross-sectional data, time series data or both types of data should be collected to gain insights into the demographic profile and lifestyle preferences of its customers. Justify your answer [4marks]Cross-sectional and time series data provides a comprehensive understanding of the demographic profiles and lifestyle preferences of the customers, allowing the retailer to make informed decisions.Task 4: Networking [16 marks]The retailer has seen a