What is BA?
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Skills, Tech & Practices for Continuous Iterative Exploration & Investigation to gain insights and drive biz planning
Data → Insights → Biz Planning
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Types
- Descriptive
- Insights about past
- Summarise raw data to make interpretable
- Predictive
- Understand the future
- Provide actionable insights based on past data
- Prescriptive
- Advise possible outcomes
- Attempt to quantify effect of future decisions on outcomes
Descriptive Biz Analytics
- Randomness, population and samples
- Data - Categorical or Numerical
- Sample - Random, Systematic, Stratified or Clustered
- Stats
- Central Tendency: Mean, Mode, Median, Midrange, Quartiles
- Dispersion: Range, Var, Std Dev, Interquart Range, Coeff of Var
- Shape: Skew or Dispersion
- Exploratory: Five number summary, box-and-whiskers
- Data Visualisation
- Presentation of data visually to amplify cognition
- Tool: Tableau
- Designing Data Viz Products: Design → Paper&Pencil → Execution
- Extra
- Trend Lines, Forecasting, Clustering, What-If Analysis
Predictive Biz Analytics / Machine Learning
- ML is subset of AI
- What Is:
- Transforming data into knowledge to produce actionable insights
- Gives computers ability to learn without being explicitly programmed
- ML Lifecycle
- Define Goals
- Specify Biz Prob
- Define unit of analysis, prediction target
- Prioritise model criteria