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Web Analytic Essay

1057 words - 5 pages

Write a brief paper on Statistics and Operations Research in the context of Analytics.
Analytics is defined as the scientific process of transforming data into insight for making better decisions. It is the combination of skills, technologies, applications and processes used by data scientist to gain insight in to their business based on data and statistics to drive business planning. It typically use’s data, statistical and quantitative analysis to measure the performance of the subject (Organization/ website etc.) on which a study is to be conducted. Analytics can be used in various fields such as market research, for studying user web pattern behavior & in many other applications to ...view middle of the document...

Once the data is organized an Operations research analysts use sophisticated computer software and statistical programs, and modeling packages, to analyze and solve problems. He break down problem into their various parts and analyze the effect that different changes and circumstances would have on each of these parts. For example, to help an airline schedule flights and decide what to charge for tickets, analysts may take into account the cities that have to be connected, the amount of fuel required to fly those routes, the expected number of passengers, pilots’ schedules, maintenance costs, and fuel prices.
Extending the above example further on let us consider that airline has database which gives us schedule of their airliners, expected capacity, distance travelled, fixed cost & its variable operating cost etc. As these multiple & unorganized data pile up in your data base we need statistical tools for deriving the meaningful inference out of it. The rigor to ensure the appropriateness and accuracy of the statistical tests is the critical step as it can either lead to a path of reaching sub-optimal or misleading recommendations. OR analysts are less likely to fall into this category as the mathematical demands of the subject should make them well aware of the necessary issues and pitfalls. An analyst therefore can go ahead with prescriptive statistical analysis identifying best course of action & responses for the given situation of airline, giving an optimized solution for setting up a price per ticket across different routes and also scheduling the timetable for airlines.
Statistic is mainly a collection of data and making a decision based on the analysis of data.Developing a good understanding of the kinds of data and data measurement is necessary because the kind of data you are analyzing essentially dictates the type of statistical analysis you perform. Data can be classified as either numerical (quantitative) or categorical (qualitative).There are two types of statistical methods descriptive & inferential technique. The first one coverts this vast pool of data into a meaningful interpretation whereas second is based on drawing conclusion & inferences about the population based on the sample data collected from the population. Inferential statistic...

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