Business Analytics

1. Process of Business Analytics
   1. Defining Business Objectives
      1. Identifying Key Performance Indicators (KPIs)
         1. Understanding Business Goals
            1. Aligning Analytics with Business Strategy
            2. Setting Specific, Measurable, Achievable, Relevant, Time-bound (SMART) Goals
         2. Measuring Success
            1. Quantitative vs. Qualitative KPIs
            2. Benchmarking Against Industry Standards
      2. Establishing Analytical Goals
         1. Defining Scope and Purpose
            1. Short-term vs. Long-term Goals
            2. Prioritizing Initiatives Based on Impact
         2. Identifying Stakeholder Requirements
            1. Understanding Stakeholder Expectations
            2. Gathering and Analyzing Stakeholder Feedback
   2. Data Analysis
      1. Exploratory Data Analysis (EDA)
         1. Data Profiling
            1. Data Types and Distributions
            2. Identifying Outliers and Anomalies
         2. Pattern Detection
            1. Trends and Correlations
            2. Data Visualization for Insight Development
      2. Model Development and Evaluation
         1. Selecting Modeling Techniques
            1. Classical Statistical Models
            2. Machine Learning Methods
         2. Validation and Testing
            1. Cross-Validation Techniques
            2. Performance Metrics (e.g., accuracy, precision, recall)
         3. Model Fine-Tuning
            1. Hyperparameter Optimization
            2. Evaluating Overfitting and Underfitting
   3. Interpretation and Communication
      1. Result Interpretation
         1. Quantitative Analysis
            1. Understanding Statistical Significance
            2. Drawing Conclusions from Data
         2. Qualitative Analysis
            1. Contextualizing Results within Business Environment
            2. Exploring Non-quantifiable Impacts
      2. Communicating Insights to Stakeholders
         1. Crafting Effective Visuals
            1. Data Visualization Techniques for Different Audiences
            2. Infographic Design Best Practices
         2. Storytelling with Data
            1. Tailoring Message to Audience Needs
            2. Creating Persuasive Narratives
   4. Implementation and Monitoring
      1. Integrating Insights into Business Operations
         1. Developing Actionable Plans
            1. Translating Analytical Findings into Business Actions
            2. Setting Milestones and Deliverables
         2. Change Management
            1. Managing Resistance and Facilitating Adoption
            2. Training and Support for Implementation Teams
      2. Continuous Monitoring and Improvement
         1. Establishing Monitoring Mechanisms
            1. Real-time vs. Periodic Evaluation
            2. Feedback Loops for Continuous Learning
         2. Iterative Improvement
            1. Identifying New Opportunities for Analysis
            2. Incorporating Learning into Future Models and Strategies