Analytics, a field not chosen by many in 20th century, has emerged as one of the hottest career options since the past decade. Many global firms (like Citibank, AMEX, HSBC etc.) and Indian companies such as Reliance and Vodafone have in-house Analytics team in order to predict trends and customer behaviour patterns. Predictive analytics involves logistic regression, classification tree, regression tree, artificial neural network etc. Analytics has led to huge benefit to the organizations. Due to which analytics is in high demand as well as it is highly paid job
It has captured the attention of many professionals. There has been a considerable shift of people from non-Analytics background those are choosing Analytics as a career option due to growth prospects of this newly popular field.
There are some basic ingredients to the analytics. Basic statistics, understanding of how to use SAS / R / Excel etc. to perform statistical and econometric analysis, domain knowledge to understand the applicability, desire to work hard to go to the depth of data and issue are very important factors for successful analytics implementation.
Among them statistics is usually considered the toughest part. Cut back to the School or Under Graduate study where Statistics was the major subject. A major defect of the study has been lack of practical implications. How does one put into practice what one has learnt in school/ college.
Comprehensive courses are the need of the hour to understand the basics of Statistics without going too much into the mathematics. Whilst there are many online courses on analytics, need to understand basic statistics with practical examples before going in for analytics as a career option is what is lacking in the present scenario.
However statistics is not a giant. In fact, basic Statistics is not very complicated to learn. The right way of learning statistics is when one can see the demonstration of concepts through simulation and then go through the theoretical concept. The best is possible, when people can the simulations on their own. That’s where it becomes very handy if simulation is in popular tool like excel.
Here is a course, which helps people learn statistics by example – through simulations.
Learning Basic Statistics will enhance career prospects and conceptual understanding of Advanced Analytics.
Hence, learn it, enjoy it and reap the benefits of a long enriching career in Analytics.
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