What steps are necessary for data analysis to be effective

Reference no: EM133500775

Caes: At a recent barbeque, Terry of Terry's Flooring explained to Jack that he is able to make decisions on which products are the most efficient to
use based on a weekly usage report that measures differences in inventory levels relative to the volume of flooring work completed that week.

Terry tells Jack "I don't even need to check anything, my system generates the information automatically and I am able to see how much material I am using. This is data analytics at its simplest". Jack suggests to Terry that he is describing data analysis rather than data analytics. Terry disagrees and tells Jack "they are different terms that describe exactly the same thing".

REQUIRED:

Is Terry correct?
What steps are necessary for data analysis to be effective?

Reference no: EM133500775

Questions Cloud

Does the difference in prices confirm the theory : Where would you buy the Iphone if you could magically be in the 4 countries today and Can you explain the difference in prices, if any? To what theory does

How many jobs can jack expect will not be performed : How much revenue was lost as a result of jobs not performed and What were the reasons for jobs not performed

What should test plans for a project be based on : PROJ 620- What should test plans for a project be based on? Describe a time when someone was a friend to you when you did not deserve it?

What were the reasons for jobs not performed : Identify whether it is best resolved using descriptive, diagnostic, predictive or prescriptive analytics - Highlight difficulties with the analysis necessary

What steps are necessary for data analysis to be effective : Is Terry correct and What steps are necessary for data analysis to be effective - Terry disagrees and tells Jack "they are different terms that describe

What about products and services that largely been ignored : Forecasting provides very useful projections for established products and services. What about products and services that have largely been ignored?

Explain the concept of specific deductions : Explain the concept of specific deductions with reference to a minimum of three (3) different example sections from the Income Tax Assessment Act

Calculate the minimum capital gain : Calculate the minimum capital gain that will be included in her assessable income. Show all working out

Identify at least two strategies that you would use : Identify at least two strategies that you would use that you found to be effective in finding peer-reviewed research.

User Account

All Pages