Lecture 1.pdf - Quantitative Methods for Business Analytics...

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Quantitative Methods for Business Analytics Lecture 1 Babak Zafari
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Outline 5 Introduction to Statistics and Analytics DCOVA Definitions Types of Variables Population and Sample Parameter and Statistic Exercises
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Buzzwords… 6 http://www.adsurgo.com/capabilities/business-intelligence-big-data-analytics
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Statistics 7 Statistics can also refer to the art and science of collecting, analyzing, presenting, and interpreting data. The methods that help transform data into useful information for decision makers. The term statistics can refer to numerical facts such as averages, medians, percentages, and index numbers that help us understand a variety of business and economic situations.
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Analytics 8 What is Analytics, why are business professionals talking about it and why now? Analytics is not new. Back in those days, people used to talk about Business Intelligence and Decision Support Systems Analytics is the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions. (Source: Competing on Analytics, Davenport and Harris) Analytics facilitates realization of business objectives through reporting of data to analyze trends, creating predictive models for forecasting and optimizing business processes for enhanced performance. (Source: INFORMS) Technology evolution and availability of powerful data processing infrastructure Large volumes of data availability (Big Data) Increased competition and business need to differentiate
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Business Analytics 9 Despite the ability of raw information, intuition is still the basis for many important critical decisions by senior executives. The area of Business Analytics aims to alter this approach by applying analytical techniques to data in order to create insightful and efficient resolutions to everyday business issues. Business Analytics can be used for improving performance, driving sustainable growth through innovation, speeding up response time to market changes and planning for change while managing risk.
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