"By Statistics, we mean methods specially adapted to the elucidation(explanation or clarification) of quantifiable(one that can be measured) data which is affected to the marked extent by the multiplicity of causes" - Yule and Kendal
"Business Analytics (BA) can be defined as the broad use of data and quantitative analysis for decision making within organizations" - Thomas Davenport
Three major factors affected the exponential growth of Analytics in Decision Making. Statistics is the heart of Analytics:
REFERENCES
https://www.greatlearning.in/great-lakes-pgpba/
"Business Analytics (BA) can be defined as the broad use of data and quantitative analysis for decision making within organizations" - Thomas Davenport
Three major factors affected the exponential growth of Analytics in Decision Making. Statistics is the heart of Analytics:
- Large influx of data from internet, media, phones, etc.
- Advanced computing power
- Large data storage capability
- Descriptive Analytics - deals with "What do the number say?"
- Diagnostic Analytics - deals with "Why do the numbers look the way they are?"
- Predictive Analytics - deals with "Predict or forecast something"
- Prescriptive Analytics - deals with "Decision making"
REFERENCES
https://www.greatlearning.in/great-lakes-pgpba/
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