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