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Relationship between statistics and business analytics

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Reference no: EM132285293

Chapter : An Overview of Business Intelligence, Analytics, and Data Science

Learning Objectives

Understand the nature of data as it relates to business intelligence (BI) and analytics

Learn the methods used to make real-world data analytics ready

Describe statistical modeling and its relationship to business analytics

Learn about descriptive and inferential statistics

Define business reporting, and understand its historical evolution

Understand the importance of data/information visualization

Learn different types of visualization techniques

Appreciate the value that visual analytics brings to business analytics

Know the capabilities and limitations of dashboards

Chapter Overview

Data is the main theme of this chapter. Accordingly, the chapter starts with a description of the nature of data: what it is, what different types and forms it can come in, and how it can be preprocessed and made ready for analytics. The first few sections of the chapter are dedicated to a deep yet necessary understanding and processing of data. The next few sections describe the statistical methods used to prepare data as input to produce both descriptive and inferential measures. Following the statistics sections are sections on reporting and visualization. A report is a communication artifact prepared with the specific intention of converting data into information and knowledge and relaying that information in an easily understandable/digestible format.

Assignment

Read the chapter 1 of textbook and answer the questions below. Use MS Office word to submit this assignment.

1. What is the relationship between statistics and business analytics?

2. What are the main differences between descriptive and inferential statistics?

3. What are the main components of a business reporting system?

4. What is an information dashboard? Why are they so popular for BI software tools?

Reference no: EM132285293

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