Competency 1 Statement
Utilizing statistical and data analytic frameworks, you will be able to evaluate and analyze the role big data plays in business decision-making. You will also demonstrate the ability to analyze and graphically describe key business data in Excel, allowing business leaders to achieve a competitive advantage.
Consider the following:
- How is data analytics different from statistics?
- What are the main differences between descriptive, predictive, and prescriptive analytics tools?
- How do businesses use analytics to convert raw operational data into actionable information?
- Reflect on the following in a minimum of 500 words.
Think about the organization you work for (or any other organization you are familiar with). Does the organization use data analytics?
- If so, how is it used? How can the organization improve the way it uses data analytics? What opportunities is the organization missing out on?
- If not, how could data analytics be used to improve the organization’s performance?
- Submit your reflection.