0 valutazioniIl 0% ha trovato utile questo documento (0 voti)
18 visualizzazioni1 pagina
Week 1 introduces analytics and data science. Analytics uses scientific methods and data-driven decision making to discover reasons for success and failure, understand customers and products, and plan future actions. It includes hypotheses, experiments, facts, logical reasoning, and data engineering. The focus is on machine learning and data mining for exploration, pattern finding, and prediction. Advanced computational methods are needed because small data can be analyzed in Excel but larger data requires specialized tools for clustering, factor analysis, and more. The rising popularity of analytics is due to greater data availability, warehousing capacity, emphasis on customer relationships, available software, and organizational culture changes. Analytics can be classified based on method and purpose such as descriptive, predictive, and prescriptive,
Week 1 introduces analytics and data science. Analytics uses scientific methods and data-driven decision making to discover reasons for success and failure, understand customers and products, and plan future actions. It includes hypotheses, experiments, facts, logical reasoning, and data engineering. The focus is on machine learning and data mining for exploration, pattern finding, and prediction. Advanced computational methods are needed because small data can be analyzed in Excel but larger data requires specialized tools for clustering, factor analysis, and more. The rising popularity of analytics is due to greater data availability, warehousing capacity, emphasis on customer relationships, available software, and organizational culture changes. Analytics can be classified based on method and purpose such as descriptive, predictive, and prescriptive,
Week 1 introduces analytics and data science. Analytics uses scientific methods and data-driven decision making to discover reasons for success and failure, understand customers and products, and plan future actions. It includes hypotheses, experiments, facts, logical reasoning, and data engineering. The focus is on machine learning and data mining for exploration, pattern finding, and prediction. Advanced computational methods are needed because small data can be analyzed in Excel but larger data requires specialized tools for clustering, factor analysis, and more. The rising popularity of analytics is due to greater data availability, warehousing capacity, emphasis on customer relationships, available software, and organizational culture changes. Analytics can be classified based on method and purpose such as descriptive, predictive, and prescriptive,
- Discover reason behind success and failures of schemes and projects - Understand customers and products better - Plan for future actions - Experiment meaningfully - Improve performance What is Analytics/Data Science Data wrangling (munging), retrieval and storage
Statistics
Big data
Data mining and
machine learning
- The application of scientific methods of reasoning to data driven decision
making - Includes hypotheses, experiments, facts, logical reasoning as well as data engineering -Focus: Machine Learning/Data Mining (Exploration of data, pattern finding and prediction/scoring) - Fancy definition The extensive use of data, statistical and quantitative analysis, exploratory, predictive models, and fact based decisions to drive decisions and actions
Why the need for advanced computational methods
- Small data can be easily analysed in MS Excel however once data grows beyond a certain size it cannot be analysed efficiently by Excel - Excel does not have a ready built function for clustering based on similar factors as well as factor finding. Reasons behind the rising popularity of analytics - Greater amounts of data available about consumers due to more data collecting technologies (wearables) - Greater capacity for data warehousing - Reduction in computing costs - Greater emphasis on customer relationship management with the advent of globalisation and increased competitiveness - More readily available commercial data analytics softwares - Change in organisational culture: product based to consumer based - Commercialisation of information and increased numbers of knowledge brokers Ways to Classify Analytics 1. Based on Method and Purpose a. Descriptive: Includes gathering, organising, tabulating and depicting the characteristics of what is being studied. Historically this kind of analytics was called reporting; describes but does not provide explanations or propose potential actions. E.g. Dashboards b. Predictive: Uses historical data to predict trends and identify phenomena and thus likely future outcomes c. Prescriptive: Analysing multiple options and stratgies (e.g. ideal product features using a cost-satisfaction matrix); includes methods such as experimental design, optimization, simulation and recommends a course of action 2. Based on Field of Application Marketing, Operational, Accounting, Customer, Social, Mobile, Fraud, etc Main Classes of algorithms in analytics Clustering: Discover natural groupings Classifiers: Prediction of which class a case belongs to Regression: Predict numerical outcomes Similarities/Recommenders: Explore associations and cooccurences Ensembles: Mixture of the above.