Analytic Techniques: Review Report- Business Analytics Assignment

Internal Code: MAS1778

Business Analytics Assignment:

Task:

An in-depth review of descriptive analytics techniques mentioned below. You are required to develop a taxonomy for descriptive analytics techniques, describing for each technique its purpose, functionality, assumptions, method of validation and sample use case. The sample use case must be from a business analytics scenario (600 words) so 100 words per technique( 100 for mean, 100 for Median and so on) . please do as shown in example.

Descriptive Analytic Techniques:

Measure of Central Tendency: a) Mean b) Median c) Mode Measure of Dispersion: a) Range b) Standard Deviation c) Variance Measure of position: a) Z-score b)Percentiles c) Quartiles

d)Interquartile

 Example:

Technique: the mean

Purpose: determine the mid-point or central tendency of a given set of numbers

Functionality: sum up all given numbers and divide by the count of numbers

Assumptions: the set of numbers are normally distributed

Method of validation: Calculate the mean of another sample, plot the numbers in a histogram to check for normal distribution

Sample use case: find the mean service time for customers in a retail bank teller queue.