ETC1000

BUSINESS AND ECONOMIC

STATISTICS
1. Data Information Decisions
STATISTICS
Statistics is about getting information from data

Information is what we need to make decisions

Intuition or accepted wisdom can often be wrong

or misleading

We need hard evidence

You cannot manage what you cannot measure.

BUSINESS INTELLIGENCE
BUSINESS INTELLIGENCE
Descriptive Analytics describing characteristics
of a set of data

Diagnostic Analytics discovering patterns or

correlations in data

Predictive Analytics (also called Business

Analytics) building models that allow us to
predict outcomes

Prescriptive Analytics using models to design

actions that will influence outcomes
BIG DATA
A collection of large and complex data sets

Bringing together data from different sources

Difficult to process using standard data

management tools

Requires skills in:

Computing, to manage and organise the data
Visualisation, to identify patterns and relationships
Statistics, to discover patterns and develop models.
TRENDS IN DATA ANALYTICS
GOOGLE SEARCHES
OUTLINE
Data Sources and Reliability

Descriptive Analytics describing data

Diagnostic Analytics correlations in data

Predictive Analytics building models

Prescriptive Analytics using models