From the course: Financial Forecasting with Analytics Essential Training
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Clean financial data - Microsoft Excel Tutorial
From the course: Financial Forecasting with Analytics Essential Training
Clean financial data
- [Instructor] All right, now you've gathered your data. You've put it all in a spreadsheet. Question is, what comes next? Well, gathering the data alone is not enough. We need to clean it up. I like to say that data are a lot like kids. It often gets dirty. Now, what I mean by that is that there's all kinds of problems that come up with data. For example, you might have various errors in your data. Transposition errors are very common, for instance. A transposition error simply means that one column of data gets transposed with another. Perhaps stock price has gotten mixed up with gross margins, for example. We need to have a way to go through and clean that up and remove those kinds of errors. Data availability can also change. One classic example of this is SIC codes versus NAICS codes. Now, you might not be familiar with either of these, but both types of codes represent the industry that a particular firm is in.…
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