Data Analytics - Module 1

What are some industries that use data?

E-commerce, entertainment, healthcare, manufacturing, marketing, finance, tech

Why is data important?

Organizations uses them to improve processes, identify opportunities and trends, launch new products, and support decision making

What is data?

a collection of facts

What is data analytics

Collecting, transforming, and organizing data to draw conclusions, make predictions, and drive decision-making.

What are the role of a data analyst?

collects, transforms, organizes and supports data

What are the six phases of the data analysis process

ask, prepare, process, analyze, share, act

What do data analysts do when they (ask)?

understand the business challenge or question

What do data analysts do when they (prepare)?

find and collect relevant data to answer the question

What do data analysts do when they (process)?

clean and organize the data

What do data analysts do when they (analyze)?

perform calculations and analysis to discover insights

What do data analysts do when they (share)?

communicate findings to stakeholders

What do data analysts do when they (act)?

use insights to make decisions or take action

What is decision intelligence?

a fusion of applied data science, social science, and managerial science, transforming data into business impact

What is statistics

making a few critical decisions under uncertainty

What is machine learning

making many automated decision under uncertainty

What is analytics

exploring to discover unknown insights

What is a data ecosystem

the people, processes, tools, and technologies used to deal with data

Difference between data analyst and data scientist

data analyst answers existing questions while data science creates new questions

Difference between data analysis and data analytics

data analysis is the process of collecting, transforming, and organizing data while data analytics is the broad science and field of using data and managing its lifecycle

What is Data-Driven Decision Making (DDDM)?

using facts and data to guide business strategy in order to solve problems, uncover trends, and make informed decisions

What are the steps to DDDM?

identify the business need, collect and analyze data, use insights to make strategic decision

What are the importance of using relevant data in context?

it enables clear identification of project requirements, early detection of data gaps, and effective communication of analytical findings to stakeholders

What are data analytical skills

skills essential for data analysts and often already exist in our everyday routines

What are the five essential analytical skills?

curiosity, understanding context, technical mindset, data design, and data strategy

What is curiosity?

the desire to learn or know more about something, which drives the search for knowledge

What is understanding context?

understanding the conditions or settings in which something occurs or exists, providing structure and meaning to data

What is technical mindset?

the ability to break down complex processes into smaller, logical steps, facilitating methodical problem-solving and efficiency in task execution

What is data design?

the logical organization of data for clarity and accessibility

What is data strategy?

coordinating people, processes, and tools for effective data analysis

What is analytical thinking?

the process of identifying and defining a problem and solving it using data through a logical, step-by-step approach

What is the five key aspects of analytical thinking

visualization, strategic thinking, problem-orientation, correlation recognition, big-picture thinking

What is visualization?

the graphical representation of data and information to help convey complex data more clearly and efficiencly

What is strategic thinking?

the ability to set goals and define a plan to achieve them using data in order to help maintain focus and purpose in analysis

What is problem-orientation?

keeping the central problem at the core of the analytical process, ensuring that all steps in analysis are aligned with solving a specific issue

What is correlation recognition

identifying relationships or associations between data variables to help uncover patterns and potential connections in the data

What is big picture thinking

understanding how individuals findings fit into broader business contexts to encourage innovation and identify overarching opportunities

What is detail-oriented thinking

paying attention to the specifics that enables execution to ensure precision and successful implementation of solutions.

What is root cause analysis

identifying the fundamental reason for a recurring issue by asking the five whys

What is gap analysis

comparing the current state to the desired future state to identify deficiencies or inefficiencies in systems or workflows.