Describe univariate, bivariate, and multivariate analysis. There are majorly five types of sampling methods:ġ0. Sampling is a statistical method to select a subset of data from an entire dataset (population) to estimate the characteristics of the whole population. What are the different types of sampling techniques used by data analysts? Uses simulation algorithms and optimization techniques to advise possible outcomesĮxample: An ice cream company can analyze how much ice cream was sold, which flavors were sold, and whether more or less ice cream was sold than the day beforeĮxample: Lower prices to increase the sale of ice creams, produce more/fewer quantities of a specific flavor of ice creamĩ. Uses statistical models and forecasting techniques Uses data aggregation and data mining techniques Suggest various courses of action to answer “what should you do” Understands the future to answer “what could happen” It provides insights into the past to answer “what has happened” Explain descriptive, predictive, and prescriptive analytics.
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