Admission Enquiry
Firebird - Dark Logo
  • ABOUT US
    • ADVISORY BOARD
    • MESSAGE FROM MANAGING TRUSTEE
    • BOARD OF STUDIES
    • CEO Talks
    • FACULTY
    • ADMISSIONS
  • PROGRAMME
    • PGDM/GLOBAL MBA
      • GENERAL SPECIALIZATIONS
        • Human Resource
        • Marketing
        • Finance
        • Operations with SCM
      • INDUSTRY INTEGRATED SPECIALIZATIONS
        • Business Analytics
        • Fintech
        • Digital Marketing
        • Logistics and Supply Chain Management
  • ALP
  • Placement
  • International
    • International Study
    • International MOU
  • LIFE@FIREBIRD
    • FIREBIRD EXPERIENCE
    • OUTDOOR EXCITEMENT
    • STUDENT LED TEAMS
  • MEDIA CENTRE
    • News & Events
    • Blog
  • FAQ’s
  • Contact Us
  • ABOUT US
    • ADVISORY BOARD
    • MESSAGE FROM MANAGING TRUSTEE
    • BOARD OF STUDIES
    • CEO Talks
    • FACULTY
    • ADMISSIONS
  • PROGRAMME
    • PGDM/GLOBAL MBA
      • GENERAL SPECIALIZATIONS
        • Human Resource
        • Marketing
        • Finance
        • Operations with SCM
      • INDUSTRY INTEGRATED SPECIALIZATIONS
        • Business Analytics
        • Fintech
        • Digital Marketing
        • Logistics and Supply Chain Management
  • ALP
  • Placement
  • International
    • International Study
    • International MOU
  • LIFE@FIREBIRD
    • FIREBIRD EXPERIENCE
    • OUTDOOR EXCITEMENT
    • STUDENT LED TEAMS
  • MEDIA CENTRE
    • News & Events
    • Blog
  • FAQ’s
  • Contact Us
Apply Now

FIREBIRD > Blogs > Analytics in Management Decision Making

Firebird International b school Icon

Analytics in Management Decision Making

Listen to this article
  995         0

Introduction:

Data analytics is a discipline concentrated on rooting perceptivity from data. It comprises the processes, tools and ways of data analysis and operation, involving the collection, association, and storehouse of data. The principal end of data analytics is to apply statistical analysis and technologies on data to detect trends and break cases. Data analytics has become increasingly important in the company as a means for assaying and suiting business processes and perfecting resolution- timber and business effects. Data analytics draws from a range of firmaments — involving computer programming, mathematics, and statistics to achieve analysis on data in an trouble to describe, prognosticate, and ameliorate interpretation. To insure robust analysis, data analytics brigades work a range of data operation ways, involving data mining, data sanctification, data metamorphosis, data modeling, and more.

The four types of data analytics

Analytics breaks down astronomically into four manners descriptive analytics, which attempts to describe what has occurred at a personal point in time; Diagnostic analytics, which assesses why commodity has happened; predictive analytics, which ascertains the liability of commodity passing in the future; and prescriptive analytics, which provides passed conduct to take to achieve a asked outgrowth. More specially

Descriptive analyticsuses literal and current data from multitudinous sources to describe the present-day country, or a prescribed literal country, by relating trends and patterns. In business analytics, this is the horizon of business intelligence( BI). individual analytics uses data( frequently generated via descriptive analytics) to discover the procurators or reasons for once interpretation.

Diagnostic analytics applies ways similar as statistical modeling, soothsaying, and engine literacy to the affair of descriptive and individual analytics to make prognostications about unborn issues.

Predictive analytics is frequently considered a type of “ improved analytics, ” and constantly depends on engine literacy and/ or deep literacy.

Prescriptive analytics is a type of improved analytics that involves the operation of testing and other ways to recommend special results that will deliver asked issues. In business, prescriptive analytics uses machine learning, business regulations, and algorithms.

Data analytics styles and ways Data analyst exercise a number of styles and ways to analyse data. According to Emily Stevens, managing editor at Career Foundry, seven of the most popular carry Regression analysis Regression analysis is a set of statistical processes exercised to estimate the connections between variables to determine how changes to one or further variables might affect another. For illustration, how might gregarious media spending affect deals? Monte Carlo simulation according to Investopedia, “ Monte Carlo simulations are exercised to model the liability of nonidentical issues in a process that can not fluently be prognosticated due to the intervention of arbitrary variables. ” It's constantly exercised for threat analysis.

Procurator analysis is a statistical system for taking a massive data set and reducing it to a lower, more manageable one. In a business context, procurator analysis is frequently exercised to explore effects like client fidelity.

Cohort analysis is exercised to break up a dataset down into groups that partake common or garden characteristics, or cohorts, for analysis. This is frequently exercised to understand client parts. package analysis Statistics Solutions defines package analysis as “ a class of ways that are exercised to codify objects or cases into relative groups called lots. ” It can be exercised to disclose structures in data — insurance enterprises might exercise package analysis to probe why certain locales are associated with personal insurance calls, for case.

Statistics Solutions defines time series analysis as “ a statistical fashion that deals with time series data, or trend analysis. Time series data means that data is in a series of personal time ages or intervals. ” Time series analysis can be exercised to identify trends and circles over time,e.g., daily deals figures. It's constantly exercised for profitable and deals soothsaying. passion analysis passion analysis uses tools similar as natural language processing, textbook analysis, computational linguistics, and consequently on, to understand the passions ventilated in the data. While the former six styles seek to dissect quantitative data( data that can be measured), passion analysis seeks to interpret and codify qualitative data by disposing it into themes. It's frequently exercised to understand how guests feel about a brand, product, or indulgence.

Firebird Institute, Coimbatore’s Industry Interaction is focusing on Action Learning on a 70:30 basis for two years of their PGDM program and Analytics is a focus area. Analytics has good career prospects and FIRM as an Institution with their unique Industry Interaction Initiatives is in the right path with Analytics as a Domain of Learning. Future Managers and Managers of the Future are expected to inculcate skills in Analytics.


 

Share This Blog, Choose Your Platform!

Facebook
fb-share-icon
Twitter
Post on X
Share
fb-share-icon

 

Comments

Leave a Reply

You must be logged in to post a comment.

RELATED BLOGS

FinTech 2030 Skills You Need Today to Lead Tomorrow’s Financial Revolution
FinTech 2030: Skills You Need Today to Lead Tomorrow’s Financial Revolution

Download Brochure Apply Now! ...

Read More
business research and consulting with Emerging technologies-2
Business Research and Consulting with Emerging Technologies

Download Brochure Apply Now! ...

Read More
Firebird Institute Students Experience a Life-Changing Global MBA Journey at MMU, Malaysia-3
Firebird Institute Students Experience a Life-Changing Global MBA Journey at MMU, Malaysia

Blog Summary Firebird Institute of Research...

Read More
Why Firebird’s Global MBA at MMU is a Game-Changer for Your Career
Why Firebird’s Global MBA at MMU is a Game-Changer for Your Career

Download Brochure Apply Now! ...

Read More
Top PGDM MBA Specialisations to Boost Your Career-5
Top PGDM/MBA Specialisations to Boost Your Career

Blog Summary Choosing the right PGDM or Glo...

Read More
CAT 2024 Results Announced Exploring Management Opportunities with Firebird Institute
CAT 2024 Results Announced: Exploring Management Opportunities with Firebird Institute

The CAT 2024 results have been officially announce...

Read More
Finding Opportunities Beyond CAT 2024 A Guide to Choosing the Right PGDMMBA Program
Finding Opportunities Beyond CAT 2024: A Guide to Choosing the Right PGDM/MBA Program

Blog Summary CAT 2024 may be a turning point, b...

Read More
Why Pursue a PGDM MBA Degree in 2025
Why Pursue a PGDM/MBA Degree in 2025?

Blog Summary As the global business landscape r...

Read More
Firebird-MMU MBA Articulation Program Grand Closing Ceremony in Malaysia
Firebird-MMU MBA Articulation Program Grand Closing Ceremony in Malaysia

Download Brochure Apply Now! ...

Read More
Placement Excellence at Firebird Institute of Research in Management, Coimbatore
Placement Excellence at Firebird Institute of Research in Management, Coimbatore

Download Brochure Apply Now! ...

Read More
Scholarships at Firebird Institute of Research in Management, Coimbatore
Scholarships at Firebird Institute of Research in Management, Coimbatore

Firebird Institute of Research in Management, reco...

Read More
Firebird Institute’s Convocation Ceremony A Celebration of Excellence and Unity
Firebird Institute’s Convocation Ceremony: A Celebration of Excellence and Unity

A Grand Procession: Setting the Tone The Convocat...

Read More
Convocation Report Celebrating the Growth at Firebird Institute of Research in Management
Convocation Report: Celebrating the Growth at Firebird Institute of Research in Management

The Firebird Institute of Research in Management, ...

Read More
convocation
Presidential Address at Firebird Institute’s Convocation Ceremony

Overview The Firebird Institute of Research in Ma...

Read More
FROM FIREBIRD TO THE WORLD STUDENTS BEGIN THEIR INTERNATIONAL MBA JOURNEY AT MMU Malaysia-1
From Firebird to the World: Students Begin Their International MBA Journey at MMU, Malaysia

Download Brochure Apply Now! ...

Read More
The Holistic Learning Environment at Firebird Institute

A Campus That Combines Nature with World-Class In...

Read More
Firebird Institute Students Begin Their Global MBA Program at MMU, Malaysia
Firebird Institute Students Begin Their Global MBA Program at MMU, Malaysia

The vibrant energy of Firebird Institute of Resear...

Read More
A Convocation of Global Recognition – Celebrating Success at MMU, Malaysia
A Convocation of Global Recognition – Celebrating Success at MMU, Malaysia

A Celebration of Academic Excellence and Cultural ...

Read More
Firebird Institute of Research in Management: Shaping Future Business Leaders

About Firebird Firebird Institute of Research in ...

Read More
Empowering Careers Through Practical Learning and Global Exposure at Firebird Institute

Overview Firebird Institute of Research in Manage...

Read More
Exploring the Unique PGDM Courses at Firebird Institute of Research in Management

Overview The Firebird Institute of Research in Ma...

Read More
Admission 2024: Firebird Institute of Research in Management’s PGDM Program

Overview The Firebird Institute of Research in Ma...

Read More
Prof. Dato’ Dr. Mazliham Mohd Su’ud’s Inspiring Convocation Speech at Firebird Institute

Overview The convocation ceremony at Firebird Ins...

Read More
CEO Talk Series 2024: From Graduation to Reality with Mr. Puneeth Krishnan

Firebird Institute of Research in Management: CEO ...

Read More
When is the right time to pursue an MBA
When is the right time to pursue an MBA?

Overview In today's dynamic world, the boundaries...

Read More
Firebird MBA PGDM Students
What support services are available for firebird MBA students, such as career counselling or alumni networks?

Exploring the Comprehensive Support Services for F...

Read More
Firebird MBA Students Average Salary
What is the Average Salary for Firebird’s PGDM/MBA Graduates?

Overview: At the Firebird Institute of Research...

Read More

 

  • Home
  • About Us
  • News & Events
  • PGDM
  • Contact Us

 

  • Terms & Conditions
  • Refund Policy
  • IIC
  • IQAC
  • AICTE Approvals

 

  • NBA
  • NAD
  • Grievance Redressal
  • Mandatory Disclosure
  • AICTE Feedback for Faculty and Student

 

Admission Hotline
+91 79040 71984, +91 79040 70856, +91 80720 37731
Landline
0422 2965 566
admissions@firebird.ac.in
office@firebird.ac.in

FOLLOW US

2025 Firebird Institute of Research in Management © All Rights Reserved | Powered by AGT
Download Form
This field is for validation purposes and should be left unchanged.
MMU Certificate Form
This field is for validation purposes and should be left unchanged.

WhatsApp us