1 Week 1 – Lecture Notes What has happened -
Author : alida-meadow | Published Date : 2025-06-23
Description: 1 Week 1 Lecture Notes What has happened Descriptive Analytics Introduction 2 Introduction Three developments spurred recent explosive growth in the use of analytical methods in business applications First development Technological
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Transcript:1 Week 1 – Lecture Notes What has happened -:
1 Week 1 – Lecture Notes What has happened - Descriptive Analytics Introduction 2 Introduction Three developments spurred recent explosive growth in the use of analytical methods in business applications: First development: Technological advances, Internet social networks, and data generated from personal electronic devices, produce incredible amounts of data for businesses. Businesses want to use these data to improve the efficiency and profitability of their operations, better understand their customers, price their products more effectively, and gain a competitive advantage. 3 Introduction Three developments spurred recent explosive growth in the use of analytical methods in business applications: (contd.) Second development: Ongoing research has resulted in numerous methodological developments, including: Advances in computational approaches to effectively handle and explore massive amounts of data Faster algorithms for optimization and simulation, and More effective approaches for visualizing data. 4 Introduction Three developments spurred recent explosive growth in the use of analytical methods in business applications:(contd.) Third development: The methodological developments were paired with an explosion in computing power and storage capability. Better computing hardware, parallel computing, and cloud computing have enabled businesses to solve big problems faster and more accurately than ever before. 5 Google Trends Graph of Searches on the term Data Analytics 6 https://trends.google.com/trends/explore?q=data%20analytics&date=all&geo=US Google Trends Graph of Searches on the term Big Data Analytics 7 Google Trends Graph of Searches on the term Business Analytics 8 Google Trends Graph of Searches on the term Data Science 9 Google Trends Graph of Searches on the term Data Science Jobs 10 Welcome you to the Big data and BA Course 11 Big data : describes the large volume and complexity of data – both structured and unstructured . Business Analytics is the scientific process of transforming data into insight for making better decision and is a crucial area of study for students looking to uplift their skills to make unique contribution to their enterprise and also enhance their employment prospects. [p3 Chapter 1] Welcome you to the Big data and BA Course 12 Business Intelligence: comprises the strategies and technologies used by enterprises for the data analysis of business information. [Dedić N. & Stanier C. (2016)] Logistics Intelligence: is about Business Intelligence applied to Logistics and Supply Chain operations, services, network of partners’ trust, conjoint data analytics for situation awareness and real time decision support. Decision Making 13 Decision Making Managers’ responsibility: To make strategic, tactical, or operational decisions. Strategic decisions: Involve
