Chapter 3 Slides

Opening Example /Nature of Data

 Opening Vignette
 SiriusXM

 Nature of Data
 DIWK
Analytics readiness
 Data source reliability
 Data content accuracy
 Data accessibility
 Data security and privacy
 Data richness
 Data consistency
 Data currency
 Data granularity
 Data validity
 Data relevancy
Taxonomy of data
 Unstructured
 Structured
 Categorical
 Numerical
Art and Science of Data preprocessing
 Data preprocessing steps – Figure 3.3
Statistical modeling for business analytics
 This
Regression modeling for inferential
statistics
 Regression
 Correlation versus regression
 Simple versus multiple regression
 Figure 3.14 process flow for developing regression models
 Most important assumptions in linear regression
 Logistic regression
 Time-series forecasting
Business reporting /Data Visualization
 To ensure that all departments are functioning properly.
 To provide information.
 To provide the results of an analysis.
 To persuade others to act.
 To create an organizational memory (as part of a knowledge management system).
 Data visualization
 the use of visual representations to explore, make sense of, and communicate data
Different types of charts
 Line
 Bar
 Pie
 Scatter
 Histogram
 Gantt
 Pert
 Geographic
 Which chart should you use?
Emergence of Visual Analytics/ Information
Dashboards
 Visual analytics is a recently coined term that is often used loosely to mean nothing
more than information visualization. What is meant by visual analytics is the combi-
nation of visualization and predictive analytics.
 Storytelling
 Dashboards provide visual displays of important information that is consolidated
and arranged on a single screen so that the information can be digested at a single
glance and easily drilled in and further explored.
 1. Monitoring: Graphical, abstracted data to monitor key performance metrics.
 2. Analysis: Summarized dimensional data to analyze the root cause of problems.
 3. Management: Detailed operational data that identify what actions to take to re-solve a
problem
Wrap Up
 Review the Chapter highlights
 Review the key terms
 Complete the weekly homework