FOB L3: Introduction to Data Analysis & Excel

Vocabulary practice flashcards covering data analysis fundamentals, the four types of analytics, replica company details, required software skills, and university market intelligence databases from Foundations of Business Lecture 3.

Data Analysis

The process of inspecting, cleaning, transforming, and modelling data to discover useful information, draw conclusions, and support decision-making.

Descriptive Analytics

The stage of analysis that asks "What Happened?", focused on summarizing past data such as guessing total spend since starting university and breaking it down into the top $3$ categories.

Diagnostic Analytics

The stage of analysis that answers "Why did it happen?", identifying the root causes, specific events, moods, days, or times of day that drive an observed outcome.

Predictive Analytics

The stage of analysis that addresses "What is likely to happen next?", such as multiplying spending in a top category by $12$ weeks of term to project budget position.

Prescriptive Analytics

The stage of analysis that resolves "What should we do about it?", establishing actionable rules to optimize performance or fix identified spending leaks in the future.

Organizational Benefits of Data Analysis

Key advantages including transforming raw data into actionable insights, supporting informed decision-making, optimizing operations, identifying patterns and trends, and providing a competitive advantage.

Personal Value of Data Analysis

Outcomes that enable individuals to analyse data, produce information, and acquire knowledge to make decisions, while enhancing employability skills, expanding employment opportunities, and gaining insight into the business world.

the Business (Replica Company)

A simulated department store chain specializing in exclusive designer fashion, consisting of nine branches and a head office, used for practical business analysis coursework.

Core Data Analysis Skills

The foundational workflow taught in the module, consisting of downloading and formatting store/department data, calculating summary measures, charting, and creating a dashboard.

SHU Subject Guides Access Route

The university library procedure involving signing into MyHallam at https://www.shu.ac.uk/myhallam, selecting "IT and Library" at the top, and choosing "Subject Guides" under "Popular Links".

Mintel Academic Reports

A market research database that provides access to UK industry reports published within the last $2$ years.

Mintel Market Sizes

A specific component of the library's Mintel subscription that provides global market data.

MarketLine Advantage

An intuitive database with international coverage that includes company information and industry profiles, designed for understanding companies and industry sectors.

Passport

A global market intelligence database published by Euromonitor that contains international market research (including the UK), key demographic and economic indicators, and company and country profiles.