Introduction to Data Analytics

Introduction to Data Analytics Created @January 10, 2024 11:50 AM Class BUSI2401F Type Lecture Analytics Big Data There are the three Vs model of big data There's volume, velocity, and variety. Plus, veracity, variability and value. Data sources The data sources for consideration are diverse and include organizational databases (relational and non-relational), sensor data, online sources such as social media, websites, and libraries, and subscription services like Bloomberg and CRSP (Center for Research in Stock Prices). These sources may be stored in various file formats. Business Analytics This data is the foundation of all types of analytics, we are concerned primarily with business analytics The types of analytics are: introduction to data analytics 1 Descriptive analytics Descriptive analytics involves the exploration and summary of data without employing complex calculations or modelling techniques. Its primary focus is to clearly understand "what is" by categorizing, aggregating, drilling down, and classifying data. This process helps convert raw data into meaningful information for analyzing business decisions and outcomes. Descriptive analytics utilizes visualization, basic statistics, SQL, and other methods to explore initial datasets. It aims to answer specific questions like the number of customers who purchased a particular product in the past five years, quarterly revenue and profit over the last two years, the types and quantities of products serviced, the cost-profit margin ratio for product categories, the success of a particular promotion, and similar inquiries. Predictive analytics is predicting future performance by examining historical data. Involves detecting relations and partners in large volumes of data and extrapolating them to make a forecast. introduction to data analytics 2 Prescriptive analytics is distinct in its emphasis on recommending a course of action. It employs techniques such as simulation, optimization, machine learning, and decision analysis to guide what actions should be taken. Examples of its application include deciding whether to grant a loan to an applicant, determining the optimal discount for a product, selecting an investment mix for the highest return considering risk exposure, and curating content for users, as seen in platforms like TikTok's 'For You' feed and Netflix's recommender system. All AU member states have signed the AfCFTA agreement, indicating unanimous support for the initiative. However, the specific reasons for a country's slow ratification or implementation process can differ, frequently involving domestic legal procedures, economic concerns, or the need for more extensive internal consultation. For specific countries outside of AfCFTA, or for more specific reasons, real-time updates from the African Union or official government statements would be the most accurate sources. introduction to data analytics 3