From the course: Using Data in Financial Analysis
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Clean financial data - Microsoft Excel Tutorial
From the course: Using Data in Financial Analysis
Clean financial data
- [Instructor] Once we've gathered a good data set, we still have to go through and clean up and refine that data. Now, the reality is that data often have a variety of issues or problems that can come up. For example, we can have transposition errors in data. I find this is very common. We have two different variables. Let's say, as an example, the price of a particular product and the cost of that product. In datasets, you'll sometimes see that those two variables could be reversed. Price is cost, and cost is price. It sounds silly, but transposition errors like this are more common then you'd think. You also have to be aware that data availability can change. SIC codes and NAICS codes are a great example of this. Both of these relate to the industry that a firm is in. However, SIC codes were used up until the early 2000s. After that, the government switched to classifying firms based on NAICS codes. There is no clear…
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