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Data mining is a particular data analysis technique that focuses on statistical modeling and knowledge discovery for predictive rather than purely descriptive purposes, while business intelligence covers data analysis that relies heavily on aggregation, focusing mainly on business information. [4]
Analytics is the systematic computational analysis of data or statistics. [1] It is used for the discovery, interpretation, and communication of meaningful patterns in data, which also falls under and directly relates to the umbrella term, data science. [2] Analytics also entails applying data patterns toward effective decision-making.
Inferential analysis analyses a sample from complete data to compare the difference between treatment groups. [53] Multiple conclusions are constructed by selecting different samples. Inferential analysis can provide evidence that, with a certain percentage of confidence, there is a relationship between two variables.
As illustrated in the previous sections, there is substantially some considerable differences between data science, data analysis and statistics. Consequently, just like statistics grew into an independent field from applied mathematics, similarly data science has emerged as a independent field and has gained traction over the recent years.
The difference between data analysis and data mining is that data analysis is used to test models and hypotheses on the dataset, e.g., analyzing the effectiveness of a marketing campaign, regardless of the amount of data. In contrast, data mining uses machine learning and statistical models to uncover clandestine or hidden patterns in a large ...
Business intelligence (BI) consists of strategies, methodologies, and technologies used by enterprises for data analysis and management of business information. [1] Common functions of BI technologies include reporting, online analytical processing, analytics, dashboard development, data mining, process mining, complex event processing, business performance management, benchmarking, text ...
Exploratory data analysis is an analysis technique to analyze and investigate the data set and summarize the main characteristics of the dataset. Main advantage of EDA is providing the data visualization of data after conducting the analysis.
Beynon-Davies uses the concept of a sign to differentiate between data and information; data is a series of symbols, while information occurs when the symbols are used to refer to something. [11] [12] Before the development of computing devices and machines, people had to manually collect data and impose patterns on it.
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