OVERVIEW OF BUSINESS ANALYTICS & DATA SCIENCE

Posted on | By Kalyan Bora

OVERVIEW OF BUSINESS ANALYTICS & DATA SCIENCE

📊 WHAT IS BUSINESS ANALYTICS AND DATA SCIENCE, AND HOW DO THEY DIFFER?

  • Business Analytics:
    • Utilizes data, statistical analysis, and quantitative methods for decision-making.
    • Focuses on descriptive, diagnostic, predictive, and prescriptive analytics.
  • Data Science:
    • Interdisciplinary field combining statistics, mathematics, and computer science.
    • Aims to extract insights and knowledge from data using statistical methods and machine learning.

🔍 WHAT ARE THE KEY COMPONENTS OF BUSINESS ANALYTICS AND DATA SCIENCE?

  • Business Analytics Components:
    • Descriptive Analytics
    • Diagnostic Analytics
    • Predictive Analytics
    • Prescriptive Analytics
  • Data Science Components:
    • Data Collection
    • Data Cleaning and Preparation
    • Exploratory Data Analysis (EDA)
    • Modeling
    • Evaluation and Interpretation

🚀 HOW ARE BUSINESS ANALYTICS AND DATA SCIENCE APPLIED IN PRACTICE?

  • Business Analytics Applications:
    • Marketing Analytics
    • Financial Analytics
    • Operations Analytics
    • Customer Analytics
  • Data Science Applications:
    • Predictive Maintenance
    • Healthcare Analytics
    • Natural Language Processing (NLP)
    • Image Recognition

🛠️ WHAT SKILLS ARE REQUIRED FOR SUCCESS IN BUSINESS ANALYTICS AND DATA SCIENCE?

  • Business Analytics Skills:
    • Proficiency in data analysis tools
    • Strong understanding of statistical concepts
    • Business acumen and domain knowledge
    • Communication skills
  • Data Science Skills:
    • Proficiency in programming languages
    • Knowledge of machine learning algorithms
    • Experience with data manipulation and visualization libraries
    • Understanding of data engineering concepts

Keywords: Business Analytics, Data Science, Components, Applications, Skills.

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  5. DECISION SUPPORT SYSTEMS
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Category: BUSINESS ANALYTICS AND INFORMATION SYSTEM
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