Write a brief paper on Statistics and Operations Research in the context of Analytics.
Analytics is defined as the scientific process of transforming data into insight for making better decisions. It is the combination of skills, technologies, applications and processes used by data scientist to gain insight in to their business based on data and statistics to drive business planning. It typically use’s data, statistical and quantitative analysis to measure the performance of the subject (Organization/ website etc.) on which a study is to be conducted. Analytics can be used in various fields such as market research, for studying user web pattern behavior & in many other applications to derive some meaningful information out of the complex world around us. But we will first touch upon the area of operations research & how Analytics with the help of various statistical tools can help to solve the operation related problem in an organization.
Operations research overlaps with other disciplines, such as industrial engineering and operations management. It is often concerned with determining an optimal solution out of a business problem. It may either to maximize your profit, performance, or yield or minimize your losses, risk, or cost. In the fields of production, logistics, or sales where managers are facing a problems so as how to allocate resources, develop production schedules, manage the supply chain, and set prices. For example, it many help to decide how to organize products in supermarkets or help companies figure out the most effective way to ship and distribute products. Analysts must first identify and understand the problem to be solved or the processes to be improved. He will collect relevant data from the field and interview clients or managers involved in the business processes. Organizing these collected data from various sources such as