Business Analytics & Statistical methods

Business Analytics & Statistical methods

1. Business Analytics

   • Approaches
     • - Descriptive - Predictive - Prescriptive
     • Improve the results of the companies using the measured data
       • It combines statistics, machine learning and computer science with studies in sociology, psychology and economics
         • It: - Recommend actions - Guide decisions - Companies planning
           • Results can be used by
             • People to execute actions
             • Automated systems to execute actions
               • The data used to predict this actions to take is called "Big Data"

2. Data & Statistical methods

   • algorithms are used as:
     • Proccesing
       • Is the longest part of the project (around 80%).
         • It must be the most accurate part of the project. The correct results depend of this process.
     • Analysis
       • To manage big data
       • Procced to create models with the previous data to predict correct results
         • It uses modelos matemáticos, estadísticos y de programación
           • Supervised learning, unsupervised learning and reinforcement learning
     • visualization
       • It presents the results in an understandable way to the user or the system