Analytics Techniques and Tools - Assignment 1

Name: Badillos, Mary Princess C.

1. Business Analytics

Definition: Business Analytics is the process of transforming data into insights to improve business
decisions. Business Analytics is a set of disciplines and technologies for solving business problems using data
analysis, statistical models and other quantitative methods.

2. Analytics Techniques and Tools

Definition: The methods, procedures, and software programs used to evaluate data and derive
significant insights for internal decision-making and problem-solving are referred to as analytics
approaches and tools. These methods and resources are crucial parts of business analytics as a whole.

3. Importance of Analytics Techniques and Tools

Analytics techniques and tools are of paramount importance in the modern business landscape for several
reasons.

4. What are the goals of the analytics techniques and tools?

The goals of analytics techniques and tools encompass a variety of objectives aimed at leveraging data to
drive business value and improve decision-making. Here are key goals associated with the use of analytics
techniques and tools (Informed Decision-Making, Business Performance Optimization, Predictive
Capabilities, Customer Understanding and Personalization, Risk Management, Operational Efficiency and
Cost Reduction, Strategic Planning, Innovation and Product Development Customer, Satisfaction and
Retention, Compliance and Governance, Continuous Improvement, and lastly Data Security and Privacy)
By accomplishing these objectives, businesses can use analytics to gain an advantage over competitors,
adjust to changing circumstances, and experience long-term success. Applying analytics methods and
technologies is essential to turning data into useful insights that promote operational and strategic success.

5. Categorization of Analytical Methods and Models

· Diagnostic

Definition: Diagnostic analytics is a critical part of any company’s decision-making process. The ability to
diagnose business problems early and identify data patterns quickly can make the difference between
success and failure.

Example: The Power BI is the fastest way to get the answer from your data, by performing a search over
your data using natural language.
· Descriptive

Definition: Descriptive analytics is used in measurement phase, you need this type of analytics to show
you if you’re doing your job. You implement Decriptive analytics across the process.

Example: Grab is the example of descriptive, you know your destination and you just look at the app to see
if how good or bad is the traffic in your way. (How is the traffic?)
· Predictive

Definition: Predictive analytics is used in data gathering insight it helps you decipher relationships
between a cause and an effect between a factor and an outcome and it’s also used in the recommendation phase
to simulate outcomes. You need to run data through models to if you take step one this is what will happen if you
take step two this what will happen. You implement Predictive analytics in the inside phase and in the
recommendation phase.

Example: Move It is the example of predictive, you predict how many minutes you are going to your
destination.
· Prescriptive

Definition: Prescriptive analytics is you not only need to simulate the types of outcomes you are going to get you
also want to see what is the best outcome you could get. You implement Prescriptive analytics in the
recommendation phase.

Example: Tiktok is the prescriptive analytics example you watch here the best foods, drinks and many more.
Some people recommend the starbucks secret menu and then they try it to buy in the store if its delicious
or not.
6. Application Used in Analytics and Techniques:

Microsoft Excel:

● Application: Business Analytics, Financial Analysis

● Techniques: Descriptive analytics (e.g., creating charts and graphs), basic statistical analysis, what-if analysis, pivot
tables.

QlikView:

● Application: Business Intelligence, Data Visualization

● Techniques: Descriptive analytics (e.g., interactive visualizations), business intelligence reporting.

R and RStudio:

● Application: Statistical Computing, Data Analysis

● Techniques: Descriptive analytics, advanced statistical analysis, predictive modeling, machine learning.

7. Roles of Data Scientist, Analyst, and Engineer:

a. Data Analyst

Definition: a data analyst is a person who gathers and interprets data to solve a specific
problem.

Role: collects, cleans, and interprets data sets in order to answer a question or solve a
problem.

Pros: Data analytics can also help businesses identify new opportunities for growth
and optimize their operations to improve efficiency and reduce costs.

Cons: The use of data analytics also comes with some drawbacks. For instance, data
analytics requires significant investment in terms of resources, time, and expertise.

b. Data Scientist

Definition: a data scientist are a new breed of analytical data expert who have the
technical skills to solve complex problems and the curiosity to explore what problems need to be
solved.

Role: collecting, analyzing and interpreting data to help drive decision – making in
an organization.

Pros: Data scientists is one of the fastest-growing fields, with a high demand for
professionals in various industries such as healthcare, finance, and technology.

Cons: Data scientists need hight-quality data to perform accurate analyses, but data
quality can be an issue in some cases.
 c. Data Engineer

Definition: Data engineer is the practice of designing and building systems for
collecting, storing, and analyzing data at scale.

Role: collect, manage and convert raw data into usable information for data scientists
and business analysts to interpret.

Pros: Data engineering is the potential for an attractive salary. They have a role in
managing and maintaining a company’s database.

Cons: Data engineers always work under pressure. They often stay at work overtime
to ensure the smooth operation of the database system. As long as any errors appear,
they must immediately solve them.