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Business Analytics and Data Mining Basics

Business Analytics (BA) combines quantitative data analysis with decision-making, encompassing Business Intelligence (BI) and advanced methods like statistical models and data mining. Data mining integrates statistics and machine learning to provide deeper insights beyond basic reporting. Additionally, Big Data is characterized by its four Vs: Volume, Velocity, Variety, and Veracity, highlighting the challenges and complexities of managing large datasets.

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ashraideh
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5 views4 pages

Business Analytics and Data Mining Basics

Business Analytics (BA) combines quantitative data analysis with decision-making, encompassing Business Intelligence (BI) and advanced methods like statistical models and data mining. Data mining integrates statistics and machine learning to provide deeper insights beyond basic reporting. Additionally, Big Data is characterized by its four Vs: Volume, Velocity, Variety, and Veracity, highlighting the challenges and complexities of managing large datasets.

Uploaded by

ashraideh
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd

DATA MINING FOR BUSINESS

ANALYTICS Concepts, Techniques,


and Applications in Python
Chapter 1 : Introduction
What Is Business Analytics?
• Business Analytics (BA)
• Is the practice and art of bringing quantitative data to bear on decision-making

• Business Intelligence (BI)


• Refers to data visualization and reporting for understanding “what happened
and what is happening

• Business Analytics includes


• BI as well as sophisticated data analysis methods such as statistical models
and data mining algorithms
What Is Data Mining?
• Refers to business analytics methods that go beyond counts, descriptive
techniques, reporting, and methods based on business rules
• Data mining is gather the two fields of statistics and machine learning
• Some time known as artificial intelligence
• Statistics include linear regression, logistic regression, discriminant analysis, and
principal components analysis etc..
• Machine learning refers to any algorithms that learn directly from data
• statistics V.S machine learning
• Statistics inference from a sample to the population. E.g a $1 price increase will
reduce average demand by 2 boxes.”
• Machine learning is on predicting individual record. E.g the predicted demand
for person i given a $1 price increase is 1 box, while for person j it is 3 boxes.”
What is Big Data?
• The science that deal with big data four Vs
• Volume refers to the amount of data

• Velocity refers to the flow rate—the speed at which it is being generated and
changed.

• Variety refers to the different types of data being generated

• Veracity refers to the fact that data is being generated by organic distributed
processes (e.g., millions of people signing up for services or free downloads)
and not subject to the controls or quality checks that apply to data collected for
a study

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