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BDA Unit-1-1

The document outlines a session on Business Data Analytics, emphasizing the importance of understanding statistics in business decision-making. It introduces key terminologies such as population, sample, and random variables, and discusses the application of statistics in various business scenarios. Additionally, it highlights the transition from traditional statistical methods to modern business analytics involving big data and machine learning.

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11 views33 pages

BDA Unit-1-1

The document outlines a session on Business Data Analytics, emphasizing the importance of understanding statistics in business decision-making. It introduces key terminologies such as population, sample, and random variables, and discusses the application of statistics in various business scenarios. Additionally, it highlights the transition from traditional statistical methods to modern business analytics involving big data and machine learning.

Uploaded by

elaizerb7177
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We take content rights seriously. If you suspect this is your content, claim it here.
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Business Data Analytics

COMM C 105
SAKTI RANJAN DASH
(Assistant Professor)
P.G. Department of Commerce
Berhampur University
Before Starting the
session, lets be
Silent for a moment
to align our
Body, Mind and Soul
in one direction.
It help us to get right
direction for our
Energy Level.
So Lets love your journey of learning, then only you can do great things
Objective of Today’s Session
• To Understand importance of the paper
• To reactivate our fundamental clarity
Let’s Ask yourself
• Why this Paper?
• Is it worth to take this Paper?
• How this subject help me in my professional
and personal field?
Readings:
1. Business Analytics for Managers: Taking Business Intelligence Beyond Reporting,
Wiley.
2. Business Analytics: Data Analysis and Decision making, Cengage
3. Swayam-NPTEL Course: Business Analytics for Management Decision, offered by IIT
kharagpur
4. Introduction to Statistics –an intuitive guide for analyzing data and unlocking
discoveries, Jim Frost
Some Basic Terminology
• Population
• Sample
• Parameter Vs. Statistics
• Random sample
• Variables
• Random Variable
• Standard Deviation
Some Basic Terminology
• Population: It is the complete set of all items of the study that interest an
investigator.
• Sample: It is the subset of a population or representative of the population.
• Parameter Vs. Statistic: A parameter is the specific characteristics of a population
while a statistic is the specific characteristic of a sample.
• Random sample: The sample which generated from random experiments.
• Variables: A characteristics of an item or individual.
• Random Variable: It is a variable whose possible values are numerical outcomes of
a random phenomenon or experiment. It is a mathematical concept used in
probability and statistics to quantify uncertain outcomes. There are two types of
random variables:
• Discrete Random Variable: Takes on a countable number of distinct values (e.g.,
number of heads when flipping a coin several times).
• Continuous Random Variable: Can take any value within a given range (e.g., the
time it takes to run a marathon).
• Standard Deviation: It is a statistical measure that quantifies the amount of
variation or dispersion in a set of data values. It indicates how spread out the
values in a dataset are relative to the mean (average) of the data.
• Mode= 3 Median ____________
• -2 Mean
• For a qualitative phenomenon ____ average is
best suitable
• median
• QD is an ______ measure of disperson
• Absolute
• 2. A characteristic of a sample is called
___________________.
• Statistics
• Correlation value ranges from ____ to ______
• -1 to +1
Business Analytics:
A Changing Face of Statistics
Why Should I Study Statistics?
• Case–I: A firm wants to introduce a product.
• Case-II: A firm wants to take a loan and open
a new branch.
• Case-III: A bank wants to increase its customer
base as it constantly losing its customer.
• Case-IV: A firm wants to make a specific
advertisement strategy (Road Show,
Exhibition, Celebrity endorsement etc.)
Can You Escape from Data?
Basic Background for the Course
What is Data?
• Examples of data
What we will do with data?
What is Information
• Examples of Information
What we will do with information?
What is knowledge?
How we use knowledge?
• Examples
Wisdom
Insights /Business
Intelligence
Knowledge

Information

Data
Statistics : A way of Thinking

A Number A Narrative
What is Statistics?
• Statistics is the science of learning from Data
• “Statistics as the aggregate of facts affected to mark extent
by the multiplicity of causes, numerically expressed,
enumerated or estimated according to a reasonable standard
of accuracy, collected in a systematic manner for the
predetermined purpose and placed in relation to each other”.
:-Prof. Horace Secrist
“ All statistics are numerical statements of facts
but all numerical statements of facts are not
statistics”
How to Apply Statistics in Business
Decision?
DCOVAC
• Define the data you want to study to solve a
problem
• Collect the data from appropriate sources.
• Organize the data collected by developing tables.
• Visualize the data collected by developing charts
• Analyze the data collected and reach conclusion.
• Communicate the result to the target audience.
Software Vs. Statistics
Is statistics same as Mathematics?

Clarity vs. Abstract

Deduction VS. Induction


Statistics VS. Machine Learning
• Problem -> Data Data-> Problem

Statistics VS. Statistic


Changing Face of Statistics
• Traditional Statistical Method (Manual)
• Business Analytics (Big Data, Machine
Learning & Futuristic )

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