Business Analytics and Statistical Methods

Business Analytics and Statistical Methods

1. Fundamentals of Business Analysis

   • Descriptive Analysis: What happened? Data history, reports, and dashboards.
   • Predictive Analytics:What could happen? Trends, probability models, and machine learning.
   • Prescriptive Analysis: What should we do? Optimization and automated recommendations.

2. Decision Making and Value Creation

   • Transforming raw data into insights
   • Mitigation of risks and uncertainty in organizations
   • Continuous improvement and operational efficiency

3. The Role of Big Data

   • The key dimensions: Volume, Velocity, Variety, Veracity, and Value.
   • Processing workflow: Data collection, cleaning, transformation, and integration.

4. Applied Statistical Methods

   • Descriptive Statistics: Measures of central tendency (mean, median, mode) and dispersion to summarize historical data.
   • Inferential Statistics: Hypothesis testing, confidence intervals, and sampling to generalize from samples.
   • Regression and Correlation Models: To identify cause-and-effect relationships between business variables..