QUANTITATIVE METHODS 3.

DIAGNOSTIC ANALYSIS
- answers “Why did it happen?” by seeking the cause from the
 DATA – Factual information (as measurements or statistics) used as a basis for
insights discovered during statistical analysis.
reasoning, discussion, or calculation.
- This type of analysis is beneficial for identifying behavior
– Information that includes both useful and irrelevant or redundant patterns of data.
information and must be processed to be meaningful. 4. PREDICTIVE ANALYSIS
- Shows “what is likely to happen” by using previous data.
– Information in numerical form can be digitally transmitted. - Makes predictions about future outcomes based on current or
 DATA ANALYSIS – science of examining data to conclude the information to past data.
make decisions or expand knowledge. 5. PRESCRIPTIVE ANALYSIS
- Combines the insight from all previous Analysis to determine
– To obtain precise conclusions to help us achieve our goals, such as which action to take in a current problem or decision.
operations that cannot be previously defined since data collection may - Most data-driven companies are utilizing Prescriptive Analysis
reveal specific difficulties. - Based on current situations and problems, they analyze the
data and make decisions.
– Technique of analyzing and inspecting as well as cleansing and
transforming of data to retrieve useful information or suggest a solution
and this process helps in making decisions for business or other processes.  DATA ANALYTICS – Broad field of using data and tools to make business
decision
– A process of collecting, transforming, cleaning, and modeling
data with the goal of discovering the required information. The results so  DATA ANALYSIS – A subset of Data Analytics that includes specific processes.
obtained are communicated, suggesting conclusions, and supporting
decision-making.  ANALYTICS – a broad term that defines the concept and practice (or, perhaps
science and art) of all activities related to data.
 TYPES OF ANALYSIS
- The primary goal is for data experts, including data scientists,
1. TEXT ANALYSIS (Data Mining) engineers, and analysts, to make it easy for the rest of the business to
- one of the methods of data analysis to discover a pattern in access.
large data sets using databases or data mining tools. It used to
transform raw data into business information. - Data that sits raw, as-is, has no value. Instead, it’s what you do with
- a way to extract and examine data and deriving patterns and that data that provides value. Data analytics includes all the steps you
finally interpretation of the data. take, both human- and machine-enabled, to discover, interpret,
2. STATISTICAL ANALYSIS visualize, and tell the story of patterns in your data in order to drive
- shows “What happen?” by using past data in the form of business strategy and outcomes.
dashboards. Statistical Analysis includes collection, Analysis,  DATA ANALYTICS CAN HELP YOU:
interpretation, presentation, and modeling of data. It analyses a
set of data or a sample of data. - Find Trends
- two categories of this type of Analysis – DESCRIPTIVE ANALYSIS
- Uncover Opportunities
and INFERENTIAL ANALYSIS
- Predict actions, triggers, or events
 - Make Decisions If you need to collect data through surveys, observation, or interviews,
develop a questionnaire in advance to ensure consistency and save
 DATA ANALYSIS ADVANTAGES
time.
- Faster Business Decisions backed by facts.

- Performance issues detection for action-taking.

- Analyze the Data
- A deeper understanding of customer requirements.
Once you’ve collected the correct data to answer your Step 1 question,
- Potential risk awareness and prevention. it’s time to conduct a deeper statistical analysis. Find relationships,
identify trends, sort and filter your data according to variables. As you
- Better business financial performance understanding. analyze the data, you will find the exact data you need.
- Cost reduction and profit increase.

 DATA ANALYSIS GUIDES - Interpret the results

- Define your questions - Start by selecting the right questions. After analyzing the data and possibly conducting further research, it is
Questions should be measurable, clear, and concise. Design your finally time to interpret the results. Ask yourself these key questions:
questions to qualify or disqualify possible solutions to your specific
problem. Does the data answer your original question? How?

- Establish measurement priorities Does the data help you defend any objections? How?

This step divides into two sub-steps: Are there any limitations to the conclusions, any angles you haven’t
considered?
1. Decide what to measure: Analyze what kind of data you need.

2. Decide how to measure it: Thinking about how to measure your

data is just as important, especially before the data collection
phase, because your measurement process supports or discredits
your thematic analysis later on.

- Collect Data

Before collecting new data, determine what information you could

gather from existing databases or sources.

Determine a storage and file naming system to help all team members
collaborate in advance. This process saves time and prevents team
members from collecting the same information twice.