Business Analytics

Business Analytics

1. Data

   • Denition
     • Collected information for analysis (structured or unstructured)
       • data types
         • Structured
           • Data organized in tables with rows and columns, easy to store and analyze.
         • Big Data
           • Large, complex, and diverse datasets that require advanced technologies for analysis.
         • Unstructured
           • Data without a defined format, such as text or images, requiring more processing

2. Statistical Methods

   • Definiton
     • Techniques to collect, analyze, and interpret data.
       • types of methods
         • Descriptive
           • Summarizes and describes data using measures like mean, median, and graphs
         • Inferential
           • Draws conclusions about a population based on sample data
         • Regression
           • Models the relationship between variables to make predictions
         • Correlation
           • Measures the strength and direction of the relationship between variables

3. Types of analytics

   • Descriptive Analytics
     • Analyzes what happened (historical data)
   • Diagnostic Analytics
     • Explains why it happened
   • Predictive Analytics
     • Predicts what will happen.
   • Prescriptive Analytics
     • Suggests what to do

4. Support

   • Decision-making
     • Supports selecting the best actions based on data
   • Process optimization
     • Improves efficiency and performance of processes
   • Value generation
     • Creates benefits such as cost reduction and better outcomes

5. Definition

   • Data analysis to support decisions and improve outcomes.