Introduction to Business Analytics Part 1
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The document provides an introduction to analytics, describing its definition, key differences from analysis, and outlining popular tools and the role of data scientists. It details the analytics process, which includes stages from data gathering to delivering insights, as well as methodologies for effective problem definition. The content also emphasizes the significance of analytics in predicting future trends and solving business challenges using various statistical methods and technologies.
Introduction to Business Analytics Part 1
- 2. ● Understand what is analytics and the difference between analysis and analytics ● Know the popular tools used in analytics ● Understand the role of a data scientist ● Know the processes involved in analytics ● Define a problem statement ● Collect and summarize data ● Detect and treat outliers in the data OBJECTIVE SLIDE After completing this course, you will be able to:
- 3. ANALYTICS VERSUS ANALYSIS Analytics Analytics is the science of analysis whereby statistics, data mining, computer technology, etc. is used in doing analysis Analysis Analysis is the process of breaking down a complex object into its simpler forms
- 4. WHAT IS ANALYTICS? • It’s the science of wisely acquiring meaningful results from given data using various methods and technologies. • Aims at discovering pattern of variation from the given data. • It helps to understand the future from past data and the uncertainty related to business. • It’s a sophisticated process that uses statistics, mathematics and economics models to predict the future and prescribe strategies. How analyticsworks GatherData OrganizeData AnalyzeData
- 5. ANALYTICS STAGES Descriptive Diagnostic Predictive Prescriptive Information Insights Decision How many students dropped outlast year? Why has the drop-out rate increased inthe last one year? Which students are most likely to dropout? Which students should I targetto keep from droppingout?
- 7. ROLE OF A DATA SCIENTIST • Inquisitive, can stare at data and spot trends. • Come out with unrevealed stories hidden in data that helps in creating more useful insights • and help solving business problems. • Work in sync with application developer to get relevant data for analysis. • Make an analytical plan in such a way that the results satisfy the business needs. • Come up with an effective data mining architecture and prepare suitable models. • Respond to and resolve data mining performance issues. • Generate reports that are affordable from a business perspective.
- 8. DATA ANALYTICS METHODOLOGY DISCOVERY PUT INTO USE DELIVERRESULTS MODEL BUILDING MODELPLANNING DATAPREPARING
- 9. PROBLEM DEFINITION WHAT IS THE PROBLEM? WHAT IS IT NOT? WE HAVE THIS PROBLEM BECAUSE? WE DON’T HAVE A SOLUTION BECAUSE?
- 10. Thank You If you are looking for business analytics training in Bangalore then visit: http://beamsync.com/business-analytics-training-bangalore/ Next Part We will Publish Soon.