INFO8066 Data Analytics

Study Notes

Understanding Data

Data is defined as raw, unorganized facts requiring processing.
Originates from the Latin word "datum" meaning "something given," with usage tracing back to the 1600s.
Distinction between data (facts) and information (processed data that provides meaning).

Importance of Data Analytics

Data analytics involves examining raw data to uncover patterns and insights.
Helps organizations enhance decision-making, boost efficiency, and increase revenue.
Early exploration of data in projects fosters clear communication among teams and sharpens project focus.

Relationship Between Data and Information

Data and information are interconnected; the terms are often used interchangeably.
Examples illustrating this relationship:
- Website visitor data leads to insights about website changes.
- Warehouse inventory data highlights supply chain trends.
- Customer satisfaction survey scores inform service improvement areas.
- Competitor pricing data enables market position assessments.

Misleading Data and Survivorship Bias

Survivorship bias refers to the inclination to focus on successful individuals or entities while ignoring failures.
This bias can lead to false conclusions based on a non-representative subset of data.
Examples highlight this issue:
- Testimonials from successful real estate investors overlook those who failed.
- Dropping out of college by successful figures like Zuckerberg doesn't guarantee similar outcomes for others.

Data Analytics Tools

Effective data analysis requires specific tools for processing and manipulating data.
Commonly used tools include:
- Excel: User-friendly, especially for beginners.
- R and Python: Programming languages well-suited for advanced data analysis.
- SQL: Database management and structured query language.
- Tableau and PowerBI: Tools for data visualization and business intelligence.

Description

Explore the foundational concepts of data, data science, and artificial intelligence in this introductory quiz for INFO8066 Data Analytics. Understand the significance of data and learn how data analytics can unlock its potential for various applications. Test your understanding of the key topics introduced in this week's lessons.