Welcome to Team C's FIRST blog about
our FIRST BA class. Before we bombard you with snippets from today’s class, let
us quickly fly through the very basics of BA.
What is Business Analytics?
Business Analytics (BA)
refers to the skills, technologies, applications and practices for continuous
iterative exploration and investigation of past business performance to gain
insight and drive business planning.
Well, that is the ‘definition’ of BA.
To understand in simple terms, BA
- Uses quantitative and computer techniques
- to optimize decision-making
- through working on large amounts of data
BA evolved from being just a forecasting-tool to a significantly influential-tool i.e. when a specific customer type is considering a purchase, an analytics-enabled enterprise can modify the sales pitch to appeal to that consumer.
Companies like Capital One, Progressive, P&G, UPS and Marriott International use sophisticated data collection and processing to stay abreast with consumer preferences, stay profitable and make decisions
Now that we all got an idea of what BA is; we shall now look into SPSS, the tool we use:
SPSS consists of an integrated series of computer programs which enable the user to read data from questionnaire surveys and other sources (e.g. medical and administrative records),to manipulate them in various ways and to produce a wide range of statistical analyses and reports, together with documentation
Again, decoding into layman's language, SPSS can take almost any type of file and use it to generate reports, charts, plots etc.
It can transform highly complex data manipulation and analysis with simple instructions.
- Uses quantitative and computer techniques
- to optimize decision-making
- through working on large amounts of data
BA evolved from being just a forecasting-tool to a significantly influential-tool i.e. when a specific customer type is considering a purchase, an analytics-enabled enterprise can modify the sales pitch to appeal to that consumer.
Companies like Capital One, Progressive, P&G, UPS and Marriott International use sophisticated data collection and processing to stay abreast with consumer preferences, stay profitable and make decisions
Now that we all got an idea of what BA is; we shall now look into SPSS, the tool we use:
SPSS consists of an integrated series of computer programs which enable the user to read data from questionnaire surveys and other sources (e.g. medical and administrative records),to manipulate them in various ways and to produce a wide range of statistical analyses and reports, together with documentation
Again, decoding into layman's language, SPSS can take almost any type of file and use it to generate reports, charts, plots etc.
It can transform highly complex data manipulation and analysis with simple instructions.
Uses of SPSS:
I)
Data Collection and Organization:
- Allows us to enter variables and quantitative data
and save as a data file.
- Allows for organising data by assigning properties to different variables.
II)
Data Output:
- Allows for creation of an output file based on
frequencies, cross tabulation etc.
- Allows exporting items from output file to a research article.
III)
The third most obvious use is for statistical
tests. The tests are automated and hence accurate.
All the associated outputs
are displayed at one place aiding for easy perusal.
References:
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