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Business Analytics and Data & Statistical Methods

Business Analytics involves the use of data, statistical methods, and technology to drive informed decision-making and optimize business processes.

Types of Analytics

Descriptive Analytics

Focus

What happened?

Example

Monthly website traffic report.

Tools

Dashboards

Reports

Summary statistics

Predictive Analytics

Focus

What will happen?

Example

Predicting demand for new products

Methods

Machine learning models

Forecasting techniques

Predictive Analytics

Focus

What should we do?

Example

Recommending ideal inventory levels.

Methods

Optimization algorithms

Scenario analysis

Data and Statistical Methods

These methods are important for interpreting data and generating predictions that help companies make data-driven decisions.

Data

Importance

Ensures data quality, consistency, and reliability.

Types

Structured

Example

Spreadsheets, SQL databases

Unstructured

Example

Social media posts, images

Statistical Methods

Importance

They provide reliable insights and support data-driven decisions.

Key Techniques

Descriptive Statistics

Example

Mean, median

Inferential Statistics

Example

Confidence intervals, significance tests

Advanced Methods

Example

Time series analysis, Bayesian statistics