Data Analytics techniques IIM Skills 788

Data analytics is a multifaceted field that involves examining large volumes of data to extract meaningful insights and inform decision-making. At its core, data analytics encompasses several techniques designed to summarize historical data, diagnose past events, predict future outcomes, and recommend actions. Descriptive analytics provides a snapshot of historical data through summary statistics and visualizations, helping to understand past trends and patterns. Diagnostic analytics goes a step further by identifying the causes behind these trends, often using correlation analysis and root cause investigation.

1. DATA
ANALYTICS
TECHNIQUES
Presentation 2030
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2. Introduction
.Data analytics encompasses a range of
techniques used to analyze and interpret data to
make informed decisions. Here’s a detailed
description of some key data analytics
techniques:

3. DESCRIPTIVE
ANALYSIS
LDescriptive analytics focuses on summarizing and
interpreting historical data to understand what has
happened. It includes techniques such as:
Statistical Measures: Mean, median, mode, variance, and
standard deviation help describe the central tendency
and dispersion of data.
Data Visualization: Graphs, charts (like bar charts, pie
charts), and dashboards provide visual representations
of data to identify patterns and trends.
Summary Statistics: Aggregated metrics such as totals,
averages, and counts give an overview of the data set.

4. DIAGNOSTIC
ANALYSIS
Diagnostic Analytics
Diagnostic analytics delves into past data to understand
why something happened. It involves techniques such as:
Correlation Analysis: Measures the strength and
direction of relationships between variables (e.g.,
Pearson correlation coefficient).
Root Cause Analysis: Identifies the underlying reasons
for specific outcomes or issues, often using techniques
like the 5 Whys or fishbone diagrams.
Comparative Analysis: Compares data across different
segments or time periods to uncover variations and
their causes.

5. Communication and
dissemination plan