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    Business Analytics For Managers

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    supriya
    Descriptive analytics uses simple statistical techniques to describe and identify trends in large datasets. It involves measures of central tendency, graphs, and charts. Predictive analytics applies advanced statistical techniques and machine learning algorithms to identify relationships and build models to predict future trends, such as using multiple regression to predict subscriptions to an online fitness service. Business analytics is used by companies in various ways, such as observing customer purchase patterns to maintain relationships, identifying spending habits for credit offers, and analyzing hiring data to find the best job candidates. Artificial intelligence helps businesses manage and analyze large amounts of data, optimize logistics and transportation routes, and improve customer service through automated responses.

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    Business Analytics For Managers

    Uploaded by

    supriya
    101 views2 pages
    Descriptive analytics uses simple statistical techniques to describe and identify trends in large datasets. It involves measures of central tendency, graphs, and charts. Predictive analytics applies advanced statistical techniques and machine learning algorithms to identify relationships and build models to predict future trends, such as using multiple regression to predict subscriptions to an online fitness service. Business analytics is used by companies in various ways, such as observing customer purchase patterns to maintain relationships, identifying spending habits for credit offers, and analyzing hiring data to find the best job candidates. Artificial intelligence helps businesses manage and analyze large amounts of data, optimize logistics and transportation routes, and improve customer service through automated responses.

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    Business Analytics for managers

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    Descriptive analytics uses simple statistical techniques to describe and identify trends in large datasets. It involves measures of central tendency, graphs, and charts. Predictive analytics applies advanced statistical techniques and machine learning algorithms to identify relationships and build models to predict future trends, such as using multiple regression to predict subscriptions to an online fitness service. Business analytics is used by companies in various ways, such as observing customer purchase patterns to maintain relationships, identifying spending habits for credit offers, and analyzing hiring data to find the best job candidates. Artificial intelligence helps businesses manage and analyze large amounts of data, optimize logistics and transportation routes, and improve customer service through automated responses.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    101 views2 pages

    Business Analytics For Managers

    Uploaded by

    supriya
    Descriptive analytics uses simple statistical techniques to describe and identify trends in large datasets. It involves measures of central tendency, graphs, and charts. Predictive analytics applies advanced statistical techniques and machine learning algorithms to identify relationships and build models to predict future trends, such as using multiple regression to predict subscriptions to an online fitness service. Business analytics is used by companies in various ways, such as observing customer purchase patterns to maintain relationships, identifying spending habits for credit offers, and analyzing hiring data to find the best job candidates. Artificial intelligence helps businesses manage and analyze large amounts of data, optimize logistics and transportation routes, and improve customer service through automated responses.

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    of 2

    Business Analytics for Managers

    2. Descriptive Analytics: An application of simple statistical techniques which describes the


    content in the data set or database.

     Measures of central tendency, measures of dispersion, graphs, charts, sampling methods,


    sorting methods, etc., are part of descriptive analytics.
     It is used to identify the trends in large databases or data sets.
     It is basically used to get a rough idea of how the data looks like and criteria is required
    to identify such trends
     Example: A bar chart depicting the ages of different customers of an online shopping
    website and observe the behavior of their shopping trends.

    Predictive Analytics: An application of advanced statistical techniques, operations research


    methods or information software to identify predictive variables and build predictive models to
    identify trends and relationships.

     Operation research methods like forecasting models and information system methods like
    data mining and sorting are used.
     Statistical methods like multiple regression and ANOVA are used to build predictive
    models, designed to identify and predict future trends.
     Example: Multiple regressions used to know the relationship between age, weight, and
    sleeping habits to predict and know the subscriptions for an online based fitness training
    centers.

    3. a) Applications of Business Analytics:

     To maintain excellent customer relationships with the customers, business analytics is


    used to observe the buying patterns, lifestyle, demographics, etc
     In credit/debit card companies, business analytics is used to identify customer buying
    habits, spending nature and try to suggest the customers in taking new credit cards.
     Using the business analytics HR professionals could find the best fit candidates for the
    company by calculating attrition rates, candidate’s performance, average employment
    period, etc.
     In the marketing field, one can observe the customers behavior, buying patterns, spending
    nature, etc., and perform the marketing techniques according to that.

    b) Applications of Artificial Intelligence in Business:

     Manage and analyze the data – It helps you interpret and mine your data more
    efficiently than ever before and provide meaningful insight into your assets, your brand,
    staff or customers.
     Optimize logistics - The use of AI powered image recognition tools to monitor and
    optimize your infrastructure, plan transport routes, etc.
     Improve customer services – We can help customers with virtual services for frequently
    asked question.
     Predict performance - The use AI applications to determine when you might reach
    performance goals, such as response time to help desk calls.

    1. Type of digital data are classified into-

    a) Semi-structured: Data is information that does not reside in a relational database but
    that have some organizational properties that make it easier to analyze. Some attributes
    may exist in some of the entities of a particular type but not in others.
    b) Structured data: Structured data is a data whose elements are addressable for effective
    analysis. It has been organized into a formatted repository that is typically a database. It
    stores all data in SQL tables with columns and rows.
    c) Unstructured Data: This unstructured data is opposite of structured data. It a data that is
    which is not organized in a pre-defined manner, it is not a good fit for a mainstream
    relational database. Example: web pages in html contain some unstructured data.

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