James Fahl - Data Analytics A Practical Guide To Data Analytics For Business, Beginner To Exper

I want to congratulate you and thank you that you have downloaded this book. Data analysis is the most common buzzword in the world of internet today and it is very difficult to understand what it is. There are so many definition of data analysis. The most important definition is data analysis is the procedure in which data is transferred, modeled, cleared and checked by business and the ultimate goal is to use in decision making procedure.

The fields of data analysis and predictive analytics are so vast and have so many sub-branches, which are even more extensive. One of these branches is prescriptive analysis, which I will briefly cover in this Book. I have covered only the fundamentals of these fields in this book. This method is being used by large industries to determine what will happen in the future, and they use the information to prevent or make things happen in the future.

I think you will enjoy this book. It will motivate you to manage your data and execute predictive analysis to get maximum profits.

Thank you again as you have download this book, I think you like it.

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Chapter 1 what is data analysis?

In data analysis procedure raw data is collected and transformed into info. Stakeholder can use this for making good decision

Stages Involved Into Data Analysis

Below stages are common for all companies though data needs might not be similar for each firm.

Phase 1: Choose on the Objective

In this process you have to set clear objective which should be precise and measurable which is in the shape of question. For example owing to competitors product it is difficult for your companys product to get off shelves. The queries that you might enquire are, Is my product high-priced? What is exclusive about the contestants product? What is the target listeners for the contestants product? Is my technology or process redundant?

Why is enquiring these queries upfront significant? This is since your data assemblage depends on the kinds of queries you ask. For example, if your question is, What is exclusive about the contestants product? you would have to do an analysis on the spec of the product and collect feedback from the customers about what they like around the product. Alternatively, if your question is, Is my procedure or technology redundant? you will need to as conduct a survey near the technology used by others in the similar industry and perform an audit of the current processes and skills used at your establishment, also. Notably, the kind of questions you ask will affect the nature of data collected. Given that data investigation is a tedious procedure, it is essential that you do not waste the time of your data science team in gathering useless data. Ask your queries right!

Phase 2: Set Measurement Priority

You need to establish measurement priority next As you have decided on your objectives. This is done over the following two phases:

Choose on whatever to measure

You have to decide what type of data you have to answer your query. For instance, if your query pertains to dropping the number of works without compromising the excellence of your product otherwise service, then the data that you requisite in hand right away are as follows:

- The price of employing the current number of team members

- The number of workforce members hired by the company

- The proportion of time and efforts spent by the present workforce members on current processes

When you have the above data, you would have to ask other queries ancillary to the main question, for example, Is there any procedure that can be altered toward improve the efficiency of the staff? Are my staff not being used to their completest potential? Will the company meet increased demands in the future in spite of the reducing of manpower?

The data collected in association with these auxiliary questions will aid you make better verdicts. These ancillary questions are as significant as the main objective question.

Choose on how to measure

Decide on the parameters that will be used to measure data before you start collecting it is highly important. This is because in analyzing the collected data how you measure your data plays an important role in the advanced stages. At this stage some of the questions you require to ask yourself are as follows:

- What is the unit of measure? For instance, you need to reach at the base price using a definite currency if your product has worldwide markets and you are obligatory to determine the pricing of your product, as well as then extrapolate it hence. In this case, selecting that base money is the solution.

- What is the time frame of completing the analysis?

- What are the factors that you requisite to include? This might again depend on the query you have asked in stage 1. You need to decide on what issues you need to take into consideration through respect to the price of employment In the case of the staff reducing question. Whether you will be taking the gross salary package into consideration otherwise the net yearly salary drawn by the worker, you need to decide on.

Phase 3: Gathering of Data

it will be easier for you toward collect data in a phased way as you have already set your priority plus measurement parameters,. Here are a few pointers that you requisite to bear in mind before you gather data:

we saw the diverse sources of data in the preceding chapter. Take stock of the data accessible before you collect data. For example, you can just stare at the payroll to know the amount of employees available in the case of the reducing of the workforce question. This might save you the time necessary for collecting this specific data again. Similarly, all accessible info need to be organized.

spend a good amount of time in determining on the questions that you want toward ask if you intend to collect info from external sources in the shape of a questionnaire. You should you circulate it simply when you are pleased with the questionnaire plus believe that it serves your main objective. You will have varied data in hand which would not be possible to compare if you keep circulating diverse questionnaires.

you have to Ensure that you have appropriate logs when you enter the data collected. This might help you evaluate the trends in the market. For example, assume you are conducting a survey concerning your product over a time of two months. The shopping habits of people change drastically throughout holiday seasons, more than any other time of the year. You will end up with surplus figures, when you do not comprise the date plus time in your data record, and this will influence your decisions considerably.