Week #8, Blog Entry #8:            Big Data Analysis, Data Visualization, and Decision Making

 

This week, we learned concepts related to big data analytics together with data visualization and its utility in business operations including gathering customer sampling data, market analysis, operations management, forecasting, supply change management, and customer service. Multiple companies provide big data management support services to firms to help them manage data gathering and analysis.

Big Data Analysis

Big data analysis is the process through which a firm can query needed data in a focused area to use the information to help make business decisions. Data needs to be queried, captured, stored, cleaned, analyzed, and shared in a useful format and platform for users to be able to analyze the meaning of the results and help them make business decisions. Data needs to be captured in a trustworthy manner and be statistically analyzed through standard reproducible means for users to be able to rely on the data and analysis results. Governments and companies rely on the veracity of big data analytics to make decisions on how they conduct services and operations. The field of data management is a growing discipline, incorporating AI and automation into data management and analysis in an increasingly structured manner. Leadership interpretation of data is critical in its relevance, utility, and practical implementation of business management (Wang, 2021).

Data Visualization

Data visualization is critical in the analysis and interpretation of data. Visualization is the process of manipulating data points to create graphics, tables, and charts to be able to identify patterns and relationships between data points, explore new ideas of convergence or divergence of information, and convey that information to others. By processing data into visual patterns, large amounts of data can be interpreted more easily (Drury, 2024). The visual formats used in data visualization include charts and graphs (e.g. histograms, distribution plots, line or bar graphs, pie charts, etc. 


Business Statistics

Statistics are crucial in analyzing and processing data for businesses. Through the MBA Math course, we learned and reviewed concepts such as the mean, median, mode, range, probability, regression, normal distribution, sampling, and inference (MBA Math, n.d.). All these calculations help interpret data to make business decisions.

 

References:

 

Wang, T. (2021).  Lecture on Big Data and Decision-Making. Personal Collection of T. Wang, University of Illinois Springfield, IL.


Drury, A. (2024, April 22). Data Analytics: What It Is, How It's Used, and 4 Basic Techniques. Investopedia. https://www.investopedia.com/terms/d/data-analytics.asp

 

MBA Math (n.d.). Statistics. https://www.mbamath.com/Dashboard#/subjects/5Links to an external site.

 

 

 

 


Comments

Post a Comment

Popular posts from this blog

Week #1, Blog Entry #1:         Business Ethics, Leadership, and Marginal Analysis   Since completing my medical doctoral degree in 1991, my only online educational experiences have been taking continuing medical education courses, which have a different structure and no similarity to rigorous university studies. This first week of my new journey, I have gotten accustomed to the university’s online educational experience through a multitude of learning tools and platforms. CANVAS is an impressive platform that allows students to gather learning materials (including book readings, videos, and articles), as well as the ability to interact with fellow students and teachers in class discussions. Group discussions have been an invaluable part of this learning process. During this first week of my MBA journey, I learned many new business concepts and developed a new understanding of others that I had some rudimentary knowledge. Course material has cov...
Pages
  Week #2, Blog Entry #2:           Industry Analysis of Competitive Forces   This week’s lessons focused on how businesses analyze markets for their products, competitors, substitute and complementary products, potential threats, and risk mitigation. We learned about the significant factors that affect profitability and the success of a new business entering a market. Porter’s Five Forces Model Porter’s Five Forces analysis is a framework used to assess the likelihood of success for a new business entering a market. This competitive analysis examines five key areas: rivalry among competitors, threats to new entrants, threats from substitute products, and the bargaining power of buyers and suppliers (Karri, 2021). While Porter’s analysis provides a broad overview of the market sector, a SWOT analysis takes a more focused look at individual companies. Entry Barriers Current market players (competitors) often create challenges and threats for ...
Pages