CHAPTER – IV ADVANCE STATISTICS

Chapter-4 titled ‘Advance Statistics’ starts with the introduction to Statistics as the study
of the collection, analysis, interpretation, presentation, and organization of data. Its
application offering solution can be found in scientific, industrial, or societal problems.

The next section of the chapter deals with Analytics showing the commonality of
analytics with statistics in that they both use statistical procedures and analyses.
Analytics is defined as the discovery and communication of meaningful patterns in data.
Then the section moves further defining advanced analytics as a group of high-level
methods and tools that can help in getting more out of the data, predicting capabilities
of advanced analytics, which can be used to forecast trends, events, and behaviors.

Section-4 details how to Improve Decision Making with Statistics and how Data and
statistics are related to each other. Also, an overview of estimates, comparisons, and
decisions is made with a briefing about measurement errors and decisions.

The next section talks about the need for Advanced Statistical Analytics to make better and
faster decisions that further organizational goals. A pie chart sectioning the functional
areas of expertise showing the Cycle of Advanced Statistical Analytics followed by the
Commonly used Business Analytics Techniques such as Linear Regression, Logistic
regression, Clustering, and Time-Series.

The chapter finally concludes with the need for Businesses to have Advanced Analytics,
and how they can empower Responsiveness and Innovation with the different types of
Analytics such as Descriptive analytics, Diagnostic analytics, Predictive Analytics, and
Prescriptive analytics in place, powerful insights and foresight can be availed. The
Analytics Platforms like Agile and Collaborative Business Planning enable the business
users to get quick delivery of the analytics and inform their business planning. Having an
analytics DNA will enable an organization to stay ahead of the game.

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