Scenario Analysis
Optimization
Risk Assessment
Data Relevance
Financial Forecasting
Evaluating Data Quality
Data Sources
Transformation
Data Mining 
Overview Data mining involves the use of sophisticated data
analysis tools to discover previously unknown, valid patterns and relationships in large data sets
...Deployment: Implementing the model in a real-world
scenario to derive actionable insights
...
Supporting Decision Making with Real-Time Data In contrast to traditional data
analysis methods, which often rely on historical data, real-time data provides a dynamic view of the business landscape
...These systems help in:
Scenario Analysis: Evaluating different scenarios to determine the best course of action
...
Optimization Cost-Benefit
Analysis Evaluating the costs and benefits of different conservation strategies to determine the most effective approach
...Scenario Planning Developing and assessing multiple scenarios to anticipate and prepare for future uncertainties
...
Risk Assessment Risk
Analysis: Once risks are identified, they are analyzed to determine their likelihood and potential impact
...Scenario Analysis: This technique involves creating hypothetical scenarios to evaluate potential risks and their impacts on the organization
...
Data Relevance focusing on relevant data, businesses can allocate resources more effectively, avoiding waste on unnecessary data collection and
analysis ...Factor Description Context The specific business
scenario or problem that the data is intended to address
...
Financial Forecasting Time Series
Analysis A statistical technique that analyzes data points collected or recorded at specific time intervals
...Scenario Analysis: Evaluates potential future events by considering alternative possible outcomes, helping businesses prepare for uncertainties
...
Evaluating Data Quality Data quality is a crucial aspect of business analytics and data
analysis, as it directly impacts decision-making, operational efficiency, and overall business success
...primary dimensions of data quality: Accuracy: Refers to the correctness of data and its alignment with the real-world
scenario it represents
...
Data Sources They provide the raw information needed for
analysis, decision-making, and strategic planning
...Accuracy The degree to which data correctly reflects the real-world
scenario it represents
...
Transformation context of business analytics, transformation refers to the process of converting raw data into a format that is suitable for
analysis and decision-making
...Scenario Analysis: Transformation allows for the simulation of various scenarios, enabling organizations to evaluate potential outcomes and make informed decisions
...
Using Predictive Analytics for Demand Forecasting Time series
analysis, regression analysis
...Scenario Planning: Allows businesses to simulate various scenarios and their potential impacts on demand
...
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