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Stat Vs Analtyics

Statistics involves the collection, analysis, and interpretation of data using statistical or mathematical techniques based on theoretical foundations to identify statistically significant relationships or levels. Analytics utilizes machine learning algorithms and data visualization techniques to discover and communicate meaningful patterns in data without assuming hypotheses in order to describe, predict, and improve business performance. While statistics and analytics both use statistical procedures, analytics applies techniques from multiple fields and relies on extensive computation.

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Ayush53
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39 views6 pages

Stat Vs Analtyics

Statistics involves the collection, analysis, and interpretation of data using statistical or mathematical techniques based on theoretical foundations to identify statistically significant relationships or levels. Analytics utilizes machine learning algorithms and data visualization techniques to discover and communicate meaningful patterns in data without assuming hypotheses in order to describe, predict, and improve business performance. While statistics and analytics both use statistical procedures, analytics applies techniques from multiple fields and relies on extensive computation.

Uploaded by

Ayush53
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Statistics vs Analytics

Statistics? Analytics?
• Utilizes statistical or math techniques vs. DM + statistics + ……
• Used based on theoretical foundations vs. identify inexplicable or
novel relationships and trends…..
• Identify a significant level vs. visualization of relationships and trends.
• BA- wider business applications, impact high
• Difference in use of DATA TYPES (statistics vs Analytics)
Statistics
• Study of the collection, analysis, interpretation, presentation, and
organization of data.
• Applied to scientific, industrial, or societal problem
• Necessary to begin with a population or process to be studied.
• Assumed Null hypothesis
Analytics and Statistics Common
• They both use statistical procedures and analyses.
• Analytics:
• No assumed null hypothesis, and subsequently employs machine
learning algorithms in the analyses.
• Analytics is the discovery and communication of meaningful patterns
in data. Especially valuable in areas rich with recorded information,
analytics relies on the simultaneous application of statistics, machine
learning, computer programming and operations research to quantify
performance or predictions. Analytics often favors data visualization
to communicate insight
• Analytics to business data, to describe, predict, and improve business
performance.
• Since analytics can require extensive computation, the algorithms and
software used for analytics harness the most current methods in
computer science, statistics, and mathematics.
• While the statistician is a “focused” of “specialized” discipline,
analytics is much more general—the analytics professional is to some
degree a “jack of all trades”.
• Often, the analytics professional will turn to the statistics professional
for help with analyses where statistical hypotheses are paramount.

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