NAME : CAVIN POLSON KALLELY

CLASS : S.Y.B.SC ACTUARIAL SCIENCE

COLLEGE : THAKUR COLLEGE OF
SCIENCE & COMMERCE
SUBJECT : DATA ANALYTICS & PYTHON
ASSIGNMENT TOPIC : TYPES OF DATA
ANALYTICS
EXAM : CE2 ( SEM-3)
 INDEX
• Introduction to Data Analysis
• Types of Data Analytics
• Descriptive Analytics
• Inferential Analytics
• Predictive Analytics
 INTRODUCTION TO DATA ANALYTICS

• Data analytics is the process of capturing useful information by inspecting, cleansing,

transforming, and modeling the dataset .
• Methodologies involved in doing so can be categorized as
--Descriptive Analytics(it get the insight of the data numerically)
-- Predictive Analtics( it gets the insight of the data using historic events)
--Inferential Analytics(this involves getting the insight of the population by
obtaining the information from the sample).
TYPES OF DATA ANALYTICS
 1. DESCRIPTIVE ANALYSIS
• Descriptive analysis is the numerical way to get insights about the data.
• In the descriptive analysis, we get a summarized value of the numerical variables.
• Suppose you are analyzing the sales data of a car manufacturer.
• In the literature of descriptive analysis, you will seek questions like what is the mean, mode of the selling price of a
car type, what was the revenue incurred by selling a particular type of car, etc.
• We can get the central tendency and the dispersion of the numerical variables of the data using this type of analysis.
• In most practical data science use cases, a descriptive analysis will help you to get the high-level information of the
data and getting used to the data set. Important terminologies of the descriptive analysis are:
• Mean
• Mode
• Median
• Standard deviation
• Variance
• Inter Quartile Range
 2. INFERENTIAL ANALYSIS

• Inferential analysis is the literature of data science, while we predict the referential outcome
for multiple sectors.
• For example, deriving the consumer price index or per capita income.
• It is not feasible to reach each consumer one by one and calculate.
• Instead of this we scientifically take samples from the population and by the help of
statistical analysis, we derive the index.
• In short , it uses a data sample to estimate summery parameters for the wider population
from which the sample was taken & testing hypothesis (inferential statistics)
 3. PREDICTIVE ANALYSIS

• What happens if we know the mistakes we will make in the future in advance? We will try to avoid those right?
• Predictive analysis is nothing but the most scientific way to predict future outcomes by analyzing historical
events.
• The heart of data science is based on predictive analysis.
• Predictive analysis helps us to answer the following questions: ‘Can we predict if a buyer will purchase a
specific product or not?’ Or ‘Can we estimate the total cost an Insurer has to pay for the claims? ‘Or ‘Can we
estimate the amount of rainfall in upcoming monsoon?’
• Predictive analysis helps us to give the approximated or most likely outcome of the important questions that then
results in massive scaled business and socio-economical changes.
• Machine learning models are developed based on historical data to predict the outcome of similar unseen future
events.
• It extends the principle of inferential analysis to analyze past data& make predictions about future events
 CONCLUSION
• In this presentation , we have discussed the various methodologies of data analysis. Do we
need to use all of these methods or we can use any of them?
• Well, now it is based on the use case and domain of the application. But in most cases, we
will start with descriptive and develop predictive models to predict future outcomes.
• Here we discussed a brief overview of Data Analysis and various methodologies based on
the use case and domain of the application.
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REFERENCES
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• https://www.educba.com