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Business Analytics

Business Analytics Fundamentals involve skills and practices for analyzing past business performance to inform decision-making and improve outcomes. Key components include data collection, cleaning, analysis, visualization, and communication, utilizing tools like Excel, R, and Tableau. Applications span various business areas such as marketing, sales, finance, operations, and human resources, emphasizing the importance of analytical thinking and statistical knowledge.

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60 views2 pages

Business Analytics

Business Analytics Fundamentals involve skills and practices for analyzing past business performance to inform decision-making and improve outcomes. Key components include data collection, cleaning, analysis, visualization, and communication, utilizing tools like Excel, R, and Tableau. Applications span various business areas such as marketing, sales, finance, operations, and human resources, emphasizing the importance of analytical thinking and statistical knowledge.

Uploaded by

contactus.wgn
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Business Analytics Fundamentals encompass the skills, technologies, and

practices for iterative exploration and investigation of past business performance


to gain insight and drive business planning.
It focuses on using data to make informed decisions and improve business
outcomes. Here's a breakdown of key aspects:

1. Core Concepts:
Data-Driven Decision Making: The core principle is to use data, rather than
intuition or gut feeling, to guide business decisions.
Descriptive Analytics: Understanding what has happened in the past. This
involves summarizing and visualizing data to identify patterns and trends.
Diagnostic Analytics: Investigating why something happened. This involves
exploring data to determine the root causes of past events.
Predictive Analytics: Forecasting what is likely to happen in the future. This
involves using statistical models and machine learning techniques to predict
future outcomes.
Prescriptive Analytics: Recommending actions to take based on predictions. This
involves using optimization and simulation techniques to identify the best course
of action.
2. Key Components:

Data Collection: Gathering relevant data from various sources (e.g., databases,
spreadsheets, web analytics).
Data Cleaning and Preparation: Ensuring data quality by handling missing values,
outliers, and inconsistencies.
Data Analysis: Using statistical and analytical techniques to extract meaningful
insights from data.
Data Visualization: Presenting data in a clear and understandable format (e.g.,
charts, graphs, dashboards).
Reporting and Communication: Communicating findings and recommendations to
stakeholders.
3. Tools and Technologies:

Spreadsheet Software (e.g., Excel, Google Sheets): For basic data analysis and
visualization.
Statistical Software (e.g., R, Python, SAS, SPSS): For advanced statistical analysis
and modeling.
Data Visualization Tools (e.g., Tableau, Power BI): For creating interactive
dashboards and reports.
Database Management Systems (e.g., SQL): For storing and retrieving data.
Cloud-Based Analytics Platforms (e.g., AWS, Google Cloud, Azure): For scalable
data storage and processing.
4. Applications in Business:

Marketing: Customer segmentation, campaign analysis, churn prediction.


Sales: Sales forecasting, lead scoring, pricing optimization.
Finance: Financial modeling, risk management, fraud detection.
Operations: Supply chain optimization, inventory management, process
improvement.
Human Resources: Employee performance analysis, talent acquisition, workforce
planning.
5. Key Skills:

Analytical Thinking: Ability to identify patterns and trends in data.


Statistical Knowledge: Understanding of statistical concepts and methods.
Data Manipulation and Analysis: Proficiency in using data analysis tools and
techniques.
Communication Skills: Ability to effectively communicate findings and
recommendations.
Business Acumen: Understanding of business processes and objectives.
In essence, Business Analytics Fundamentals provide a framework for using data
to gain a competitive advantage and drive business success.

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