Data Analysis And Business Analytics Competency |Course hero helper
Posted: March 8th, 2023
Assignment Content
Competency 1 Statement
Utilizing statistical and data analytic frameworks, you will be able to evaluate and analyze the role big data plays in business decision-making. You will also demonstrate the ability to analyze and graphically describe key business data in Excel, allowing business leaders to achieve a competitive advantage.
Get your paper done on time by an expert in your field.
Reflection
Consider the following:
- How is data analytics different from statistics?
- What are the main differences between descriptive, predictive, and prescriptive analytics tools?
- How do businesses use analytics to convert raw operational data into actionable information?
- Reflect on the following in a minimum of 500 words.
Think about the organization you work for (or any other organization you are familiar with). Does the organization use data analytics?
- If so, how is it used? How can the organization improve the way it uses data analytics? What opportunities is the organization missing out on?
- If not, how could data analytics be used to improve the organization’s performance?
- Submit your reflection.
SOLUTION
Data analytics and statistics are related fields, but they differ in their approaches and objectives. Statistics is primarily concerned with understanding the relationships between variables, while data analytics focuses on using data to make informed decisions and predictions. Descriptive analytics is used to summarize and describe data, such as through measures of central tendency or visualizations like graphs and charts. Predictive analytics uses historical data to forecast future trends, and prescriptive analytics recommends actions based on those forecasts.
Expert paper writers are just a few clicks away
Place an order in 3 easy steps. Takes less than 5 mins.