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Unit Objectives:
R is an open-source data analytical tool with large packages that are more flexible for
complicated datasets.
Banking :
Banking(fig1.1) is a real-time field which has continuous transactions of large data. It deals with
millions of users every day. So it is hard to find their mortgages.
Insurance:
Insurance(fig1.2) broadly rely on forecasting. The challenging task for this is to check whether
the policy is accepted or rejected.
To solve this problem, R creates a model that will generate continuous credit report as input, it
will not just check the risk demand but also make a predictive forecasting alert as well.
Healthcare:
Nowadays Hospitals(fig.1.3) have become one of the topmost busy areas where millions of
people get admitted and have their checkup based on the admission process.
Fig.1.3 Analytical field for Healthcare
Whenever the patients enter into a hospital for a checkup, they have to enroll their details. Here
comes the prediction model using R based on the previous results and reports of the patient,
identify the people who are at risk for hospitalization and to what range the medical equipment
should be measured.
Data Analytics (fig.1.4) support and provides services to the organizations to have control over
the data to generate new opportunities. The need for analytics mostly come across 4 aspects we
talk about the need for analytics in an organization, you must come across these 4 features. They
are Cost Reduction, Decision Making, Product analysis, Organization analysis
Fig.1.4. Four aspects of Data Analytics
Data visualization
Data visualization is used to visualize data in various forms like the chart, diagrams so on.
Accessing of huge data is been developed after analytics. It helps humans to understand the
situation rather data analysis in diagrammatic approach by comparing raw data. It is the simplest
way to understand by looking at the first attempt through pie chart or a bar graph.
To achieve data visualization from already implemented or processed analyzed data. Following
are some of the tools that are usable for data visualization
R programming has made open source, where we can easily modify the changes we need
accordingly. Like for example FLOSS (Free Libre and Open Source Software).
R can be used in the Consumer Financial Protection Bureau for data analysis
In case of time series modeling and geospatial analysis R is used for the more reliable and
propagatable way.
Banking sectors in America use R for reporting and describing information.
R is used as a technological stack in Foursquare’s famed recommendation engines.
R is used for finding and crediting risk analysis for ANZ, which is the fourth largest bank
in Australia.
R is used as a predictor for Economic Activity by Google
R is used for visualization web activity in Mozilla, a Firefox web browser.
Banking
Pharma
Education
Telecom
Retail