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Topic:use Statistical Data Analysis To Drive Fact - Based Decisions

Data analytics uses statistical analysis of raw data to draw conclusions and make better decisions. It is distinguished from data mining by its broader scope and focus on verification. Data analysis examines large amounts of raw data to determine conclusions. Analytics uses both descriptive and predictive modeling of data to gain insights and then recommends actions. Statistical analysis is used in business to make fact-based decisions under uncertainty, such as auditing, quality control, forecasting, and understanding customer behavior. Usage statistics provide value by measuring cost-effectiveness, informing purchases, justifying budgets, identifying training needs, and understanding user trends.

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196 views

Topic:use Statistical Data Analysis To Drive Fact - Based Decisions

Data analytics uses statistical analysis of raw data to draw conclusions and make better decisions. It is distinguished from data mining by its broader scope and focus on verification. Data analysis examines large amounts of raw data to determine conclusions. Analytics uses both descriptive and predictive modeling of data to gain insights and then recommends actions. Statistical analysis is used in business to make fact-based decisions under uncertainty, such as auditing, quality control, forecasting, and understanding customer behavior. Usage statistics provide value by measuring cost-effectiveness, informing purchases, justifying budgets, identifying training needs, and understanding user trends.

Uploaded by

subithaperiyasamy
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Topic:use statistical data analysis to drive fact based decisions

BY
A.JAREENA BEEGAM S.PRAGATHEESHWARI S.PREETHA

DATA ANALYTICS
Data analytics (DA) is the science of examining raw data with the purpose of drawing conclusions about that information Data analytics used to make better business decisions and in the sciences to verify or disprove existing models or theories Data analytics is distinguished from data mining by the scope , purpose and focus of the analysis.

DATA ANALYSIS
The term data analysis refers to the process by which large amounts of raw data is reviewed in order to determine conclusions based on that data. The nature of data analysis varies, and correlates to the type of data being examined. For example, a business may concentrate on things such as determining employee performance, sales performance by department or sales person, etc.

ANALYTICS VS ANALYSIS
Analytics is a two sided coin On one side, it uses, descriptive, and predictive model to gain valuable knowledge from data-data analysis. On the other, analytics uses this insight to recommend action or to guide decision making-communication. The data is often unorganized, and may come from different sources. The term data analysis is sometimes used as a synonym for data modeling. Thus, analytics is not so much concerned with individual analyses or analysis steps, but with the entire methodology.

IMAGES FOR DATA ANALYTICS


DATA ANALYTICS DATA ANALYSIS

Statistics-definition
The original idea of "statistics" was the collection of information about and for the"state,The original idea of "statistics derived from the Italian word for state The major task of Statistics is the scientific methodology for collecting, analyzing, interpreting a random sample in order to draw inference about some particular characteristic of a specific event Statistics is a science of making decisions with respect to the characteristics of a group of persons or objects on the basis of numerical information obtained from a randomly selected sample of the group

Making Fact-based Business Decisions


First, in the Measurement phase, relevant data is gathered and compiled. Relevant Key Performance Indicators and other measurements are calculated. In the Analysis phase, the raw data is converted into information, charts and tables, easily understood throughout the organization. The analysis typically searches for variance of expected results to understand key drivers to success or failure. The Insight phase, where most of the value in the fact-based decision making process is realized, employs the knowledge gained and expert know-how to interpret the information gleaned by analysis. When good insight is provided and business questions are answered, decisions are made; a reliable course of Action can then be taken.

useage of statistical data analysis to drive fact based decisions


The statistical methods for analysis to drive decision making under uncertainty are more numerous and powerful today than ever before. The computer makes possible many practical applications. A few examples of business applications are the following:

An auditor can use random sampling techniques to audit the accounts receivable for clients. A plant manager can use statistical quality control techniques to assure the quality of his production with a minimum of testing or inspection.

A financial analyst may use regression and correlation to help understand the relationship of a financial ratio to a set of other variables in business. A market researcher may use test of significace to accept or reject the hypotheses about a group of buyers to which the firm wishes to sell a particular product. A sales manager may use statistical techniques to forecast sales for the coming year.

What is the value of usage statistics?


Usage stats are a key decision making tool and becoming more important

To measure value for money (cost per click)

To inform purchase decisions


To justify budgets to organization

To charge back to staff or faculties


To identify training issues To identify licensing issues To understand user behavior and trends

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