Concept Map: Relationship between Business Analytics and Data & Statistical Methods

Concept Map: Relationship between Business Analytics and Data & Statistical Methods

1. Business Analytics

   • Definition
     • The use of data, statistical analysis, and predictive models to support business decision-making.
       • Core Components
         • Descriptive Analytics
           • Explains what happened (reports, dashboards, KPIs).
         • Predictive Analytics
           • Forecasts what may happen (models, machine learning).
         • Prescriptive Analytics
           • Suggests what actions to take (optimization, simulation).
       • Applications
         • Marketing
           • segmentation, customer behavior prediction
         • Human Resources
           • performance analysis, employee turnover prediction
         • Finance
           • fraud detection, risk management
       • Tools
         • Hadoop, Apache Spark, Python, Power BI
       • Relationship between them
         • Statistical methods provide the mathematical foundation for the models used in Business Analytics. Business Analytics turns statistical analysis into practical business value
           • Integration enables
             • Data-driven decision making
             • Reducing uncertainty in complex environments.
             • Improving competitiveness through strategic use of information.

2. Data and Statistical Methods

   • Definition
     • A set of mathematical and computational techniques to analyze, interpret, and validate data
       • Key Methods
         • Data collection and cleaning
           • structured and unstructured sources
         • Descriptive statistics
           • means, variances, distributions
         • Statistical inference
           • hypotheses, confidence intervals, regression
         • Predictive modeling
           • decision trees, neural networks, logistic regression
         • Data visualization
           • charts, heatmaps, dashboards
       • Tools
         • Python
         • R
         • SQL
         • Power BI
         • EXCEL