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Insights To The Major Concepts Involved In Data Analytics
In the present age of Big Data the prominence of Data Analytics is known to everyone. The process of Data Analytics is all about interpreting with the large sets of Big Data & to explore the valuable insights from it. Speaking of Data Analytics, Data Mining, Forecasting and Data Visualization are among the most prominent aspects that every analytics career enthusiast should be aware of.
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Now, let’s take a look at some of the most prominent aspects of Data Analytics.
Data Mining-
Here are a few important things which you must know for data mining unsupervised learning
- Practices used in grouping or segmentation like K-means & hierarchical clustering. These techniques help to strategize for specific groups of related things.
- Another important point is to learn Dimension Reduction Techniques like PCA & SVD. This facilitates actual and smooth managing of big data.
- Understanding the Recommendation Scheme which aids in recommending the next item which a customer might purchase.
- Network Analysis to know and identify the most important person or item in the entire network.
Forecasting-
- Forecasting is all about making accurate predictions based on data. The predictions may relate to customers demand, sales, profits or it may even relate to weather conditions. TO make accurate forecasting based on data one need to be an expert in time series, AR, MA, ARMA and ARIMA concepts.
- Techniques like ARCH & GARCH come into play when there’s high-frequency data involved in the process that can be seen in the case of stock market data.
Data Visualization-
- Data Visualization is about presenting the insights extracted from the data in the form of attractive visuals. Tableau is one of the most extensively used Data Visualization tool.
- If you wish to effectively build visualizations/reports and become a part of the business development process then mastering the skills in Data Visualization becomes very crucial.
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