1. Data Analytics - Data, Data, Everywhere - Week 1

Definitions:

Data // a collection of facts used to draw conclusions, make predictions, and decision making.

Data Analysis // collection, transformation, and organization of data to draw conclusions, make predictions, and help make informed decision-making. In short, create insights from data.

Data Analytics // the science of data

Data Science // discipline of making data useful. Encompasses three disciplines: machine learning, statistics, and analytics. Creating new ways of modeling and understanding the unknown by using raw data.

Ecosystem // a group of elements that interact with on another

Data Ecosystems //  various elements that interact with one another to produce, manage, store, organize, analyze, and share data. Includes: software, hardware, and people. EX: A store's data ecosystem have many data interacting. 

Cloud // a place to keep data online

Data-driven decision-making // using facts to guide business strategy

Data Analysis Life Cycle // process of data to decision


Data Scientist vs Data Analyst:

Science use raw data to come up with new questions and answers.

Analyst use data to create insight and answer already existing questions.


6 Steps:

Ask: Business Challenge/Objective/Question 

Prepare: Data generation, collection, storage, and data management 

Process: Data cleaning/data integrity 

Analyze: Data exploration, visualization, and analysis 

Share: Communicating and interpreting results 

Act:  Putting your insights to work to solve the problem


Business use of Data:

Improve Processes,

Identify opportunities and trends,

Launch new products,

Serve customers,

Make thoughtful decisions.


Additional Resources:

https://online.hbs.edu/blog/post/business-analytics-examples

https://onlinelibrary.wiley.com/doi/pdf/10.1002/9781119183686.fmatter

https://www.sas.com/content/dam/SAS/en_us/doc/whitepaper1/manage-analytical-life-cycle-continuous-innovation-106179.pdf

http://pingax.com/understanding-data-analytics-project-life-cycle/

https://www.informit.com/articles/article.aspx?p=2473128&seqNum=11&ranMID=24808


Gut Instincts:

Not reliable and can cause biased if based on own experience.

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