Wednesday, 25 January 2023

 Introduction to Data Analytics

1.1 Variable, Measurement and Data

Variables – is a characteristic of any entity being studied that is capable of taking on different values

Measurements – is when a standard process is used to assign numbers to particular attributes or characteristic of a variable

Data – data are recorded measurements

1.2 What is generating so much data?

Data can be generated by
–Humans,
–Machines or
–Humans-machines combines
It can be generated anywhere where any information is generated and stored in structured or unstructured formats

1.3 How data add value to business?


Image source: :https://datajobs.com/

1.4 Why Data is important?

  • Data helps in make better decisions
  • Data helps in solve problems by finding the reason for under performance
  • Data helps one to evaluate the performance.
  • Data helps one improve processes
  • Data helps one understand consumers and the market

2.1. Define data analytics

  • Analytics is defined as “the scientific process of transforming data into insights for making better decisions”
  • Analytics, is the use of data, information technology, statistical analysis, quantitative methods, and mathematical or computer-based models to help managers gain improved insight about their business operations and make better, fact-based decisions – James Evans
  • Analysis = Analytics ?

2.2 Why analytics is important?

Opportunity abounds for the use of analytics and big data such as:

  1. Determining credit risk
  2. Developing new medicines
  3. Finding more efficient ways to deliver products and services
  4. Preventing fraud
  5. Uncovering cyber threats
  6. Retaining the most valuable customers

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