5. What Is Descriptive Analytics?
Chapter objectives:
• Explain why we need to visualize and explore data.
• Describe statistical charts and how to apply them.
• Describe descriptive statistics useful in the descriptive business analytics (BA) process.
• Describe sampling methods useful in BA and where to apply them.
• Describe what sampling estimation is and how it can aid in the BA process.
• Describe the use of confidence intervals and probability distributions.
• Explain how to undertake the descriptive analytics step in the BA process.
5.1 Introduction
In any BA undertaking, referred to as BA initiatives or projects, a set of objectives is articulated. These objectives are a means to align the BA activities to support strategic goals. The ...
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