Big Data Blog

  There are two types of statistics: descriptive statistics and inferential statistics. Each of these components is important because it offers varied techniques to reaching various goals. Descriptive statistics describe what happens in a population or when data is collected. In contrast, inferential statistics allow scientists to extrapolate findings from a small sample to a larger population. There are some key differences between the two types of statistics.   DESCRIPTIVE STATISTICS When most individuals hear the word "statistics," they immediately think of descriptive statistics. The goal of this statistical field is to characterise. To define the features of a set of data, numerical measures are utilised. This statistics area comprises a range of items, including:           The average, or measure of the centre of a data collection, consists of the mean, median, mode, or middle.           The spread of a data collection, w...

The primary reason for Big Data's rapid growth in recent years is that it provides long-term corporate value. Organisations realise this value through increased revenue, cost reductions, and improved profit margins. As a result, Big Data enables organisations to acquire a competitive advantage by leveraging their corporate data. Because of its wide range of applications, Big Data is being accepted by all organisations, from healthcare, banking, and insurance to academic and non-profit sectors. Big Data skills and technology may help businesses capture value in a variety of ways. These companies use data analysis tools and tactics to improve corporate performance and drive growth. The ambition of most firms to become "data-driven" is tied to a "digital transformation" programme and is supported by senior management. Most businesses are driven by the prospect of gaining a competitive advantage via the use of data and technology. However, most firms have realised...