Название: Practical business statistics
Автор: Maria Catherine Borres
Издательство: Society Publishing
Год: 2020
Страниц: 220
Язык: английский
Формат: pdf (true)
Размер: 10.1 MB

Practical business statistics explains the subject of statistics and the role it plays in the businesses and also talks about the process of data mining and Big Data in this field. The book discusses the various aspects related to data structure and explains the distribution of data on a histogram to the readers. The book further throws light on the concept of variability and data and the use of probability in the businesses. Also discussed in the book is the concept on uncertainty of numbers in the businesses, giving an overview of the random variables, the concept of confidence interval, the explanation of hypothesis testing and regression analysis and the role of report writing in the proper communication of the results so that the readers get a full insight on the various aspects of statistics in businesses.

Data mining is defined as a procedure that examines a large amount of data to find new and unseen data that helps in improving the effectiveness of the business. There are several numbers of industries who have been accepting the technique of data mining to their mission-
critical business processes in order to attain the competitive benefits and also help in the growth of the business.

Data mining allows the businesses to recognize the unseen patterns which are inside the past purchasing transaction data, therefore providing assistance in planning and introducing the innovative marketing movements in a rapid and cost-effective method. Statistics is very important to confirm that the meaningful, accurate information is abstracted from Big Data. The subsequent concerns are serious and are only aggravated by Big dаta:

- Quality of the data and missing data;
- Observational nature of data, so that causal queries like the contrast of interferences may be subject to confounding;
- Assessment of the doubt of forecasts, predictions, and model;
- The scientific discipline of statistics provides their fined methods and models to bear on these concerns;
- Statisticians provide assistance in translating the scientific query into a statistical query, which comprises of cautiously defining the data structure;
- The fundamental system that produced the data (the model); and what the user is trying to assess (the parameter or parameters that are to be assessed) or forecast.

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