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Data Analytics - Notes

The document introduces key concepts in data analytics including variables, measurements, data, and the influence of data on businesses. It defines data analytics as the scientific process of converting data into insights for decision making. The types of data analytics - descriptive, diagnostic, predictive, and prescriptive - are described along with examples, with prescriptive analytics being the most difficult but providing the most value. Components of data analytics include statistics, business intelligence, modeling, and optimization. Data analysts need skills in math, business strategies, and data hacking.

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140 views1 page

Data Analytics - Notes

The document introduces key concepts in data analytics including variables, measurements, data, and the influence of data on businesses. It defines data analytics as the scientific process of converting data into insights for decision making. The types of data analytics - descriptive, diagnostic, predictive, and prescriptive - are described along with examples, with prescriptive analytics being the most difficult but providing the most value. Components of data analytics include statistics, business intelligence, modeling, and optimization. Data analysts need skills in math, business strategies, and data hacking.

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1/26/2020 Week 1.

1 - Jupyter Notebook

1.1 - Introduction to Data Analytics

Variable - takes different values ( is a 'characteristic' of an entity )


- Types : Categorical ( Category A, Category B,....)
Numerical ( Discrete ( ex : Number of items ), Continuous ( ex : age, weight ))
Measurement - the process of assigning values to variables after studying the underlying phenomena
- is measured at four levels : Nominal, Ordinal, Interval, Ratio ( lowest to highest arranged )
- Nominal : distinct categorization, no ranking involved ( ex : Gender )
: classifying and counting ( non parametric statistical methods )
- Ordinal : distinct categorization, ranking involved ( ex : Military Designations )
: classifying, counting, ranking ( non parametric statistical methods )
- Interval : an ordered scale ( ex : Temperature ), difference between measurements unmeaningful
: classifying, counting, +/- ( parametric statistical methods )
- Ratio : an ordered scale ( ex : Weight, Age ), difference between measurements meaningful
: classifying, counting, +/-/*/div ( parametric statistical methods )

Data - recorded measurements

Influence of Data on Businesses:


- helps develop Data Products ( ex : Recommendation Engines on YouTube, Flipkart, Amazon, etc )
- helps in Quantitative Data Analysis to identify data patterns

Data Analytics
- the scientific process of converting data into insights for taking better decisions
- the use of data, IT, statistical analysis, quantitative methods and mathematical or computer based models to help
managers gain improved insights about their business operations and make better fact - based decisions

Analytics vs Analysis

Analysis - Arranging data and explaining how and why things in the data have occurred ( things which took place in the
past )
Analytics - Using data to predict future events ( things which 'will' take place in future )

Data Scientist vs Data Analyst


Analysts - have info of business strategy/mathematics and work with data
Scientists - have advances knowledge of algo and ML and are able to develop data products

Types of Data Analytics


- Descriptive - what happened
- Diagnostic - why did it happen
- Predictive - what will happen
- Prescriptive - how can we make it happen
- value is directly proportional to the scale of difficulty of the type of analytics
- Descriptive < Diagnostic < Predictive < Prescriptive ( both value, difficulty )

Descriptive Analytics
- summarizes facts/raw data in an understandable format
- Uses Business Intelligence and Data Analysis
- Ex : Reports, Descriptive Stats, Data Visualization

Diagnostic Analytics
- helps an analyst dig deep into a problem and identify the cause of the problem
- uses Data Discovery, Data Mining, Correlations

Predictive Analytics
- helps forecast future trends/ probability of occurrence of future events
- many different but co-dependent variables are analysed to do this
- Ex: Linear Regression, Time Series Forecasting and Analysis, Data Mining

Precriptive Analytics
- suggests the best decision from a set to obtain the best outcomes
- aims at cost reduction, increased productivity and quality
- Uses Decision Analysis, Optimization Model and Simulation

Components of Data Analytics


- Statistics
- Business Intelligence/ Information Systems
- Modeling and Optimization

Data Analysts need to have a good knowledge of Maths, Business Strategies and Hacking ( +ve)

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