1. Whotis business analy #c5? Explain all the three com ponents of by siness analy Hes in desl. Ans) Business analy #es, a data managem entsoluton and business intelligence subset, refers » the vse of methodologies such as data mining, predictive analy #es, and statistical analy sis in order © analy 22 and transform dow indo useful information, iden4 Ay and onfcipate tends and ov tomes, and ul fm oxely make smarter, data-driven business decisions. The three components are: 1 PredictveA naly tes 2.DotrA ggregaton 3. Dati M ining N) PredictreA naly tes Based on he dota, one can create predictive analy Hes thot ill acevrotely make predicfons in certain event. This componentof analy ¢cs helps companies understand whatm ay happen in te near fure and help hem prepare for it. Predictve analy tes helps know when there is going be a failure or wearand tear in equipmentifithas been subjected harsh conditons or has been used fora cermin amountoftme. Halso helps classify custmers in detail, and also make decisions based on tuwre tends. 2)D ata A ggregaton Dotais collected one single, cental locaton from where sorting canbegin. Thaccu rate and incom plete dota is removed and only usable data is leftbehind. Even duplicate dais checked for and removed completely. This data is collected from vorious sources. O ne form is volunteered dat. This datris ken from digital and physical forms thathare been filled outby the consumers. This form is token directy ois hen from a third pary. The other form of data source is #actonal data. This data is shared by organizations and is collected from banking tansactons, sales records, and shipping records. 3) Dota M ining To further go deep in the daw, Data M ining is the nex tstep look for unknown pattems and trends. For this, one has mine through a huge amounto fda by creating mining models. Various siistes models are used. 0 ne of those models is classificaton demographics and other such param exers are used for sorting dota. Th she regression model, basedon the hisrical paterns, you can predictnumerical values. A nd ano-her popular method is clustering where classificaton factors are be predicted so you whatvariables to use.-Explain in details SST SSR SSE ns) SST The sum ofsquares pal, denoted SST, is the sqvared differences etween the observed dependentyariable and its mean. You can think F this as the dispersion of the observed variables around the mean — vch like the variance in descriptre siatstcs. he Towl 597 +ells you how much variaton tere is in the dependent nriable. Total SS = U(Yi - mean of¥) 2 find he aca number that presents asum ofsquares. A diagram (like the regression line above) eptoral and can supply a visual representation of whatyoure Nevlating. is ameasure of he ol variability of the datset. SSR The second term is the sum of squares due regression, or SSR. Tt the sum of the differences between the predicted value and the ean of the dependentrariable. Think ofitas am ensure that describes ow well ourline fit the dot. this value ofSS@ is equal » the sum ofsquares pal, itmeans our igression model copwres all the observed variability and is perfect. nce again, We have + menton thatano+ther common notaton is ESF vex plained sum ofsqvores. 52 = El ¥)2= SST - SSE. Regression sum of squares is interpretedror sum of squares is obtained by firstcompudng the mean Feach botiery 4 pe. For each battery ofa specified 4pe, the sbracted from each individual battery's lifeme and then The sum of these squared terms forall batiery ypes equals F5E is ameasvre of sampling error. term is the sum of squares error 0 r SSE. The erroris he 2 between the observed value and he predicted valve. y Want minimize the error. The sm aller the error, the beter xfon power of he regression. Finally, Lshould add thatitis nas residual sum of squares.3. Explain she experts view on analy ¥cs in he following sectors: M any fact ring Healthcare Telecommunicatons Ans) Many facturing: Several industies are undergoing digital transform aon streamline processes. Howerer, the many factting seer has been relatvely slow. Gutthe tme has arrived when ogplying dot analy tes in many fctring can ensure improved decision-making and enhance perform ance. Coupled with the rapid developm ento fartficial intelligence, advanced analy tics, robotics, emerging oT-powered sensors and devices, Industry offers many facerers the obi liny + gather, sbre, process as well a5 vilize data in daily operatons. Furthermore, business intelligence and business analy cs help drow insight abou tpotental improvements. Gesides, the manu factring industy trequendy requires new solvtons avtomare large-scale processes and speed vp execution time. Through this blog post,weaim to highlighthow dot analy tes con transform the many factring indy sry Heol-+heare: Predictve business analy ¢cs is being used widely in the healtheare industy © make qvicker and more informed decisions pertaining © patentcore. The popularity of Electonic Heal-h Records(EH@s) in recenty ears has also been a primary factor for the rise in demand for predictve analytes. Gutwhy is itso essental » leverage business analytics in today’s healthcare scenario? The answer lies in developing avalve framework thatis holistic, patentcentered, and addresses business goals. Business analy tics in healthcare is emerging as avitl area of research owing » the help ithas ex tended t health care organizations in solving problems and making decisions. Analytics is now slowly progressing from justbeing at+he operatonal analy tes level a higher level ot strategic analy sis. His diversifying from simple descriptive analy tes ward predictive, prescriptre, and diagnostic heal-+h analy cs. Heol -+reare organizations collectdata on the performance ofrarious services offered by hospitals and perform analytes on this medical dota. They use data visvalizatons, such as dashboards and scorecards + ident fy tends or patterns in patentcare. This method can ident ty performance gaps and previously unnoticed pattems in paventcare and can be vsed come up With beter strategies » obtain a better balance between service and cost. Business analy tes helps hospitals analyze and find the rootcouses of problems and based on that, derelop key performance indicat rs (KP) © enhance the performance. For example, waiting #me of Partent, patentreadm issions, length ofa patent'sstay in the hospi-w, and so on con be tacked down it mostiniiuental facbrs. Predictiveanaly ¥es uses historical data predict re tends, such as, which patents mightoptor surgery, and which patents mightnot which patent have more chances of developing complicatons after surgery, or whatare the chances ofan ov break ofan epidemic disease. Telecomm ynicoatons: A ceording » Quantig's analy tes experts, “Our telecom analy tes solutions can help you align, correlate, analy ze multiple erent, and interface data sources reveal new business improvement opporwnites beyond daw silos.” Telecom A waly Fes Use Coses 1. Sm prove cuspmer ex perience 2.Redvuce tuck rolls through proactre custmer care B.A maly ze the potential ofnew offerings 4. Reduce customer churn rate Telecom service providers who ore justabout-p strttheir analy tes Jourmey can startwith He basic steps thatinvolve the vse of descriptve, diagnostic, and advanced analy tics. Spring with such an approach will enable telecom companies gain 9 360-degree view of the industy, hereby contibyting the key objective of improving business decisions.