What is Analytics?
Analytics, statistics, big data, machine learning - these keywords are more sought after than ever, but a specific classification is difficult. We give a short overview.
Analytics refers to the entire process of extracting and analyzing information from data as well as reaching robust insights and recommendations to action based on the information. The analytics process is the fundamental foundation of data-driven deciding and economic activity. Briefly, one could equate it with an intelligent usage of data.
In the analytics process, statistical methods of data analysis and machine learning algorithms represent the key methodical components. The most important general component of analytics is, however, the executing human being. It has to draft issues and input data and should be capable to correctly apply the broad methodology and to interpret, verify and accurately generalize the results. This differentiates analytics from a data-based reporting system, in which reports are solely given, but the step of intelligent and strategic extraction and usage by humans is neglected.
Often the term "Big Data" is used synonymously with analytics. However, "Big Data" only refers to an infrastructural dimension. If the quantity of data is so enormous that great efforts have to be expended into technology for utilization of the data, then the data included in the analytics process is categorized as "Big Data".
The analytics process focusses on the able person, which should have knowledge in statistics, optimization and programming. The main focus of our chair in this triangle of competence is statistics.
More precise, we stand for the development, application and transfer of statistical methods for the evaluation, measurement and modeling of high dimensional data and correlations. The keywords in the illustration above run through all our courses. They are anchor points of our research activities.
We close gaps in research as part of research projects and dissertations: we combine innovative scientific research with a broad repository of practical applications and issues.