Session I & II- Business
Analytics
We
learnt about the basics of the SPSS tool and its components used for Business Analytics.
SPSS
has generally rules for 2 different aspects
- Data Entry
- Analysis
In Data entry the data is captures under
various variables
Classification of techniques
1. 1st level analysis - (Frequencies , Crosstabs)
- Uni variate or Bi variate analysis
2. 2nd Level analysis
- Multivariate analysis
Hypothesis:
It is important build a hypothesis before
starting any kind of analysis as it becomes the base for further
considerations.
We assume in a hypothesis about a significant
relationship between variables. A Null Hypothesis signifies no significant
relationship between variables.
The Significance or confidence level of a
hypothesis depends on the criticality of the situation.
10 Best tools of BA
Business analytics is a fast growing field and
there are many tools available in the market to serve the needs of
organizations. The range of analytical software goes from relatively simple
statistical tools in spreadsheets (ex-MS Excel) to statistical software
packages (ex-KXEN, Statistica) to sophisticated business intelligence suites
(ex-SAS, Oracle, SAP, IBM among the big players). Open source tools like R and
Weka are also gaining popularity. Besides these, companies develop in-house
tools designed for specific purposes.
Commercial software
MS Excel:While most people are aware of its excellent reporting and graphing abilities,
excel can be a powerful analytic tool in the hands of an experienced user.
SAS: It is the most commonly used software in the
Indian analytics market despite its monopolistic pricing. SAS software has wide
ranging capabilities from data management to advanced analytics.
SPSS Modeler (Clementine): This tool has an
intuitive GUI and its point-and-click modelling capabilities are very
comprehensive.
Statistica: is a statistics and analytics software that provides data analysis, data management, data mining,
and data visualization procedures.
Salford systems: provides a host of predictive analytics and data
mining tools for businesses. The company specialises in classification and
regression tree algorithms.
KXEN: is one of the few companies that is driving automated
analytics. Their products, are easy to use, fast and can work with large
amounts of data.
Angoss: It has developed its products around
classification and regression decision tree algorithms. The advantage of this
is that the tools are easy, and the results easy to understand and explain.
MATLAB: MATLAB allows matrix manipulations, plotting of
functions and data, implementation of algorithms and creation of user
interfaces.
Open Source Software
R: R is a programming language and software
environment for statistical computing and graphics. The R language is an open
source tool and is widely used by the academia
Weka: Weka (Waikato Environment for Knowledge Analysis)
is a popular suite of machine learning software. The software contains a GUI
for interacting with data files and producing visual results and graphs.
Update 1: This tool is rapidly
becoming popular with expert analysts who are looking for cheaper options to
SAS.
By
Lakshmi Sravanthi
HR - Batch, SIBM B
14086
No comments:
Post a Comment