This week’s required readings explain the role that analytics plays in the modern business environment. Consider the following questions and respond in a minimum of 175 words:
- How is data analytics different from statistics?
- Analytics tools fall into 3 categories:descriptive, predictive, and prescriptive. What are the main differences among these categories?
- Explain how businesses use analytics to convert raw operational data into actionable information. Provide at least 1 example.
- Consider the organization you work for (or another organization you’re familiar with). Does this organization use data analytics?If so, how is it used? If not, how could the organization use data analytics to improve its performance?
Due Day 7
Reply to at least 2 of your classmates or your faculty member and or respond to the following subjects.
- Identify and define the three measures of Central Tendency and explain when we may use them.
- Identify and define the measures of dispersion and explain why they are used.
- What does a box plot tell us? How is this related to the 5 number summary?
- What does a histogram tell us? What does it not tell us?
- Explain the difference between an asymmetrical (skewed) distribution and a symmetrical (normal) distribution. Why is it important to identify the type of distribution we are working with?