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Chapter 01 2

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MIS 541

Introduction to Business
Analytics
Rasha Alahmad
Syllabus
Required Textbook

Data Mining for Business Analytics in Python


Shmueli, Bruce, Yahav, Patel & Lichtendahl, 2019
Chapter (1) : Introduction
Business Analytics
Business Analytics (BA): the practice and skill of
applying quantitative data to inform decision-making.

Business Intelligence (BI): data visualization and


reporting
 what happened (descriptive analytics)

BA includes BI as well as statistical models and data


mining algorithms to
 explore data
 explain the relationships between
measurements

Data Mining
Data mining is the process of analyzing large sets
of data to discover patterns, trends, and useful
information that can help in making decisions or
predictions.

It is BA methods that focus more on advanced


data analytics
o statistical and machine learning methods
Data Mining

Data Mining comes in different terms:


• predictive modeling
• predictive analytics
• machine learning

Data Mining is at the confluence of the fields of


statistics and machine learning
Big Data
A large set of data that is often characterized with
four Vs:
1. Volume: the amount of data
2. Velocity: the speed at which data is being
generated and changed.
3. Variety: the different types of data being
generated (e.g., currency, dates, numbers, text,
etc.)
4. Veracity: The accuracy and reliability of data,
especially when collected from diverse sources
Big Data
Challenge vs Opportunities:
• Traditional Data: Imagine analyzing 15
variables with 5,000 records—this is like a small
dot in a chart.
• Big Data: Data from companies like Wal-Mart is
so large, it's like filling up a football field.

Using big data has proven to offer substantial


benefits to companies:
• Telenor – a Norwegian mobile phone service
company reduced turnover by 37%
• Allstate - a US insurance company increases
its prediction accuracy for injury liability thru
vehicle type
Data Science
Data science is a mix of skills in:
• statistics
• machine learning (programming)
• math
• business

Questions to ask:
• Which methods to use
• problem
• data
• How methods work
• Requirements, strength and weaknesses
• How to assess performance
Why Are There So Many Different
Methods?

Why different methods coexist:


• advantages vs disadvantages

Usefulness of a method depends on factors such as:


• size of the dataset
• the types of patterns exist in data
• how noisy the data are
• the particular goal of analysis

The norm is to use several different methods and


select the most useful method for the goal specified
and the one produces a better prediction accuracy
Terminologies
ML vs STAT:
• Output (target) variable vs dependent (response)
variable

Algorithm: a specific procedure used to implement a


particular data mining

Observation - case, instance, sample, example,


record, pattern, row

Predictor – feature, input variable, independent


variable, field, attribute

Response: dependent variable, output variable,


target variable, outcome variable
Road Maps to the Book
Python for Data Science
o Popularity: Python is a leading language among data
scientists and software developers.
o Comprehensive Libraries: Numerous open-source libraries
like Pandas, NumPy, and SciPy streamline data manipulation
and analysis.
o Data Visualization: Tools such as Matplotlib and Seaborn
enable effective data visualization.
o Machine Learning: Libraries like Scikit-learn, TensorFlow,
and PyTorch support advanced machine learning and deep
learning applications.
o Ease of Use: Python’s intuitive syntax enhances productivity
and makes it accessible for beginners and experts alike.
o Community Support: A vast community provides extensive
resources, tutorials, and support for continuous learning and
troubleshooting.
Popular Python IDEs

An Integrated Development Environment (IDE) is a


software application that provides comprehensive
facilities to computer programmers for software
development.

IDEs normally consist of a source code editor, build


automation tools, and a debugger.
https://www.anaconda.com

Jupyter Notebook
Jupyter Notebook
IDE Key Features Link
Jupyter NotebookInteractive coding, https://jupyter.org/
data visualization,
markdown support
Spyder Scientific computing, https://www.spyder-ide.org
data analysis,
debugging tools
PyCharm Smart code https://
completion, www.jetbrains.co
refactoring, m/pycharm/
advanced debugging
Thonny Beginner-friendly, https://thonny.org/
simple interface,
step-by-step
debugging
Eclipse with PyDev
Open-source, https://
extensible, powerful www.eclipse.org/
debugging and pydev/
profiling
Thank
You!

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