Scribd
Upload
4 views

Chapter-3

Uploaded by

ho7fgkcml6
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
4 views

Chapter-3

Uploaded by

ho7fgkcml6
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 2

HM411 : Data Analytics in Hotel Industry

DATA ANALYTICS TECHNIQUES AND METHODS


Data analytics encompasses a variety of techniques and methods used to analyze data, extract insights,
and support decision-making.

Key Techniques And Methods


1. Descriptive Analytics - To summarize historical data.
Reports and dashboards
2. Diagnostic Analytics - To determine why something happened.
3. Predictive Analytics - To forecast future outcomes based on historical data.
4. Prescriptive Analytics - To recommend actions based on data analysis.
5. Exploratory Data Analysis (EDA)- To explore data sets to find patterns or anomalies.
6. Text Analytics - To analyze unstructured data from text sources.
7. Cluster Analysis - To group similar data points.
8. A/B Testing - To compare two versions of a variable to determine which performs better.
9. Time Series Analysis- To analyze data points collected or recorded at specific time intervals.
10. Data Visualization - To visually represent data to identify trends and insights.
11. Data Mining - To discover patterns in large data sets.
12. Geospatial Analysis - To analyze data that has a geographical component.
13. Machine Learning- To enable systems to learn from data and make predictions.
14. Big Data Technologies - To manage and analyze large volumes of data.

These techniques can be combined and adapted depending on the specific objectives and nature of the
data being analyzed. The choice of method often depends on the context, the data available, and the questions you
aim to answer.

What are the Data Analysis Process


1. Define the Problem or Objective
2. Data Collection
3. Data Cleaning
4. Data Exploration and EDA (Exploratory Data Analysis)
5. Data Preparation
6. Data Analysis
7. Interpretation of Results
8. Visualization
9. Reporting and Presentation
10. Decision Making
11. Review and Iterate

Data Analysis Limitations & Barriers


Recognizing these limitations and barriers is crucial for effectively managing the data analysis process.
Addressing them often requires a combination of technical skills, organizational support, and a commitment to
continuous learning and improvement.

1. Data Quality Issues


Incomplete data: Missing values can lead to biased results or require complex imputation methods.
Inaccurate Data: Errors in data collection, entry, or processing can distort findings.
Outdated Data: Using stale data may not reflect current trends or behaviors.
2. Data Volume and Complexity
HM411 : Data Analytics in Hotel Industry

Big Data Challenges: Handling large volumes of data can require advanced tools and techniques,
leading to increased complexity.
High Dimensionality: Many variables can lead to over-fitting in models and make interpretation
difficult.
3. Skill Gaps
Lack of Expertise: Insufficient training or knowledge in data analysis tools and techniques can
hinder the ability to extract insights.
Interdisciplinary Knowledge: Understanding the context of the data often requires domain expertise
that may not be present in data teams.
4. Technological Barriers
Tool Limitations: Some analytical tools may lack the necessary features for advanced analysis or
visualization.
Integration Challenges: Combining data from multiple sources can be technically difficult and time-
consuming.
5. Interpretation Challenges
Misinterpretation of Results: Incorrect conclusions drawn from data can lead to poor decision-
making.
Statistical Illiteracy: A lack of understanding of statistical principles among stakeholders can result
in misapplication of insights.
6. Ethical and Privacy Concerns
Data Privacy: Compliance with regulations (like GDPR) can limit data usage and require careful
handling of sensitive information.
Bias in Analysis: Data sets may reflect societal biases, leading to unfair or discriminatory outcomes
in analysis.
7. Resource Constraints
Time Limitations: Analyzing data can be time-consuming, and tight deadlines may compromise
thoroughness.
Budget Constraints: Limited funding can restrict access to advanced tools or skilled personnel.
8. Changing Environments
Dynamic Nature of Data: Rapid changes in business or social environments can render insights
quickly outdated.
Evolving Data Needs: As organizations grow, their analytical needs may shift, requiring continuous
adaptation.
9. Cultural Barriers
Resistance to Data-Driven Decision Making: Organizational culture may not prioritize data,
hindering its effective use.
Silo-ed Departments: Lack of collaboration between departments can lead to isolated data and
insights that do not align with organizational goals.

Data Analysis in The Big Data Environment


Data analysis in a big data environment requires specialized techniques, tools, and approaches to
effectively manage and extract value from large and complex datasets. By addressing the challenges and leveraging
the right technologies, organizations can gain actionable insights that drive better decision-making and competitive
advantage.

You might also like