STAT 119 Chapter Notes - Chapter 1: Statistical Graphics, Predictive Analytics, Business Analytics
Document Summary
Business rely on the information in data to compete in the global marketplace. Data warehouses - companies use information to make decisions about virtually all phases of their business and are recorded and stored electronically. Big data - data sets so large that traditional methods of storage and analysis are inadequate. Even though the data amounts are huge, some decisions can be made quickly. Way of reasoning, along with a collection of tools and methods, designed to help us understand the world. Data alone can"t help make better business decisions. You must be able to summarize, model, and understand what the data can tell you. Plays a role in making sense of our complex world in an astonishing number of ways. Transactiaonal data - data collected for recording the companies" transactions. Companies use data to make decisions about nearly every aspect of their business. Study past behavior of customers and predicting their response to better serve their customers.
