Business Analytics (Statistics)

Business Analytics is a lecture which is covered within the Statistic or Basic Business Statistic module by business and economics students.

Descriptive analytics, predictive analytics, and prescriptive analytics form the three broad categories of analytic methods. Descriptive analytics explores business activities that have occurred or are occurring in the present moment. Predictive analytics identifies what is likely to occur in the (near) future and finds relationships in data that may not be readily apparent using descriptive analytics. Prescriptive analytics investigates what should occur and prescribes the best course of action for the future. Predictive and prescriptive analytics make practical the use of big data to support decision making, although many of these techniques also work with smaller sets of data, as examples in this chapter demonstrate. This lecture begins with descriptive analytics but focuses on predictive analytics. The lecture does not cover prescriptive analytics methods.

Learning objectives:

1. To develop dashboard elements such as sparklines, gauges, bullet graphs, and tree-maps for descriptive analytics
2. How to use classification and regression trees for predictive analytics
3. How to use neural nets for predictive analytics
4. How to use cluster analysis for predictive analytics
5. How to use multidimensional scaling for predictive analytics

In this File you will find:

Business Analytics Lecture Power Point Presentation
Test Bank for Business Analytics with 112 Questions with all answers to them
59 Exercises for Business Analytics seminar or lecture
Plus reading resource on Business Analytics in order to enhance you overall knowledge about the topic.

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