🤔 Techniques
There are 7 techniques of Data Analysis.
Regression analysis
A set of statistical processes for estimating the relationships between a dependant variable and one or more independent variables. Linear regression is the most common form of this in which one finds the line that most closely fits the data.
Monte Carlo Simulation
A computerised mathematical technique that allows people to account for risk in quantitative analysis and decision making. This technique used by professionals is such widely desperate fields such as finance, project management, energy, manufacturing...
Factor analysis
A way to take a mass of data and shrink it to a smaller data set that is more manageable and more understandable. A way to find hidden patterns, how those patterns overlap and show what characteristics are seen in multiple patterns. Also used to create a set of variables for similar items in the set. (set of variables are called dimensions).
Cohort analysis
A subset of behavioural analytics that takes the data from a given eCommerce platform, web application or online game rather than looking at all users as one unit, it breaks them down into related groups for analytics.
Cluster analysis
A method used to group similar objects into respective categories. It discovers structures without explaining why those structures exist.
Time Series analysis
A specific way of analysing a sentence of data points collected over an interval of time. In time series analysis, analysts record data points at consistent intervals over a set period of time rather than just recording the data points intermittently or randomly.
Sentiment analysis
Helps analysists within large enterprises get the public's opinion, conduct market research, monitor brand and product reputation and understand customer experiences.