BUSINESS ANALYTICS

BUSINESS ANALYTICS

1. What is

   • Data and analysis to support business decision-making
     • Example
       • Analyze sales by product.
         • The two parts are different types
           • DATA
             • What is
               • Information that needs to be collected to analyze the data.
                 • Types
                   • Collect
                     • What is
                       • Obtain and gather data
                   • Clean
                     • What is
                       • correct errors, remove duplicates, and handle missing data
                   • Analyze
                     • What is
                       • examine data to find patterns, trends, and relationships.
             • Types
               • Sales
               • Customers
               • Prices
               • Dates
               • Quantities
           • STATISTICAL METHODS
             • What is
               • Mathematical techniques used to organize, analyze, and interpret data.
                 • Types
                   • Descriptive
                     • What is
                       • Summarizes what happened in the data
                   • Inferential
                     • What is
                       • A data population and a data sample
                   • Predictive
                     • What is
                       • Estimate results using historical data and models
             • Types
               • Mean
               • Median
               • Standard
               • Deviation
               • Correlation
           • USEFUL INFORMATION
             • DECISION MAKING
               • Types
                 • Improve processes
                   • Make business processes more efficient
                 • Identify problems
                   • Find errors, difficulties, or situations that need attention
                 • Predict outcomes
                   • Estimate what may happen in the future using data and models