- Data Analytics
Data analytics is the simple process of examining data sets to figure hidden patterns, unknown correlations, market trends, customer preferences and other useful information that can help organizations make more informed business decisions.
- Data Analytics vs. Statistics
There is difference between statistics and analytics. Statistics is the study of the collection, analysis, interpretation, presentation, and organization of data. On the other hand, the analytics deals with analyzing where there is no assumed null hypothesis, and subsequently employs machine learning algorithms in the analyses. However, they share a common thread, they both use statistical procedures and analyses.
- Data analytics and Risk Management
Risk management is the process of coming up with solutions to minimize and moreover avoid risk by evaluating, forecasting and implementing plans. Data analytics usually comes up with the outcome of a huge data results which will help risk management process.
- Microsoft (MS) Excel Analytics Functions. Review MS Excel data analytics functions (statistical analysis, charting).
- MS Excel Atomic Learning Tutorials (statistics). Complete the Excel 2016 – Statistics tutorials:
- Describing Data
This section starts with information about what will be covered in the section. The first part is finding the arithmetic mean and geometric mean using the functions available on excel. Then it moves to median, mode and standard deviation, it shows a really useful data calculation as opposed to the numerical one that we have always performed. It also covers variation of distribution. It gives the explanation and use of kurtosis and skewness of distribution and moves on to finding the confidence level of the interval. The section also teaches use of frequency function, quartile, ranking values treating values as text and finding the range of set of values.
B. Comparing Variables
This section is involved with a more complex analysis and calculation of data. It starts off by talking about finding the bivariate correlation coefficient, finding values related to linear regression. This section teaches to find the linear slope, finding the y-intercept of linear regression, predict a future value using an existing value. It teaches to create a trend using trend function. Finding values associated with exponential regression, finding values an creating a stem and leaf plot are taught in the following video tutorials. It move on to creating a frequency distribution table for one variable, creating a pivot chart with a single variable and creating a cross tabulation pivot table for one variable.
C. Tests of Significance
The tutorial moves on to conducting tests that are very useful for data analysis by finding probability of one tailed z-test. The section then teaches finding probability and critical values using samples. It teaches how to examine data for homogeneity of variance using f-test function. Finding critical value and probability associated with a student’s T-Test for independent samples is taught in the next two videos. It then teaches to find probability and critical value with a chi-squared test for independence.
D. Data Analysis ToolPak (required) module tutorials.
The Analysis ToolPak is an Excel add-in program that provides data analysis tools for financial, statistical and engineering data analysis. This section teaches to create histogram, find descriptive statistics, perform t-test and examine data for homogeneity of variables. It also teaches to conduct research analysis like ANOVA and finding correlation for two or more variable and performing a linear regression.
- MS Excel Atomic Learning Tutorials (charting). Complete Excel 2016 – Charting tutorials:B. Overview of Charts (required),
The tutorial starts with explaining what we will learn in this section and talks about Chart tabs and ribbons, Formatting your chart, Presenting your chart and Working with sparklines. This section covers identifying elements in a chart, selecting chart data in adjacent cells, selecting data in non-adjacent cells and charting using the chart group buttons and how to use the quick analysis tools.
C. Chart Tabs and Ribbons (required),
Next we move on to this section which teaches to view a sample chart, create a column chart, bar chart, line chart, pie and donut charts, scatter and bubble charts, area charts, radar charts, surface charts and stock charts. This section then teaches to create a chart template and create a combo and a trendline of charts.
D. Format Your Chart (required),
This section basically covers adding titles and labels, changing the chart type and formatting the table by adding borders, formatting axis properties, changing data series, changing the order of the plot and more formatting options generally used in formatting data and chart.
E. Present Your Chart (required),
Once charts are created this section moves on to the next tool that is to present those charts by placing the chart in a separate chart sheet, printing the chart sheet, embedded charts or inserting a static copy of chart, inserting linked copy of chart or saving the chart as a web page.
- Risk Assessment Tools. Conduct research on risk assessment tools.
- Identify one MS Excel function/tool that may be used to support risk assessment. Explain how the identified function/tool facilitates the risk assessment process.We can enter the data in the Excel Sheet, then we select the chart style and sync the data to the chart. A skeleton template will appear. We the label the data and set each axis range from 1 to 100. Then we key in the title and Axis names. We format the table area and we have created a template for Risk assessment. This allows us to track the probability and magnitude of the consequence.
- Many professionals contend that spreadsheets such as MS Excel are inadequate tools for contemporary risk assessment purposes. Research this issue online and discuss. Do you agree? Explain. Hint: Search for “using spreadsheets for risk assessment” or “spreadsheet inadequacies for risk assessment.”There is a lot of risk when it comes to using spreadsheets risk assessment templates for risk assessment. If the data returned from a risk assessment spreadsheet is faulty, obsolete, and/or incomplete, you might be making uninformed decisions based on that data, which might actually increase risk. It also had many other disadvantages like:
- It takes a long time to complete.
- It also provides all data at point for everyone to see.
- There is always chances of losing the spreadsheet and the data, so reliability is always a concern.
- Spreadsheets Are Not Designed for Organizational Performance Measurement And Lack Transparency.
- It takes too much effort to analyze because it is comprised of many cells, rows and columns.
- Identify one alternative risk analysis software application/tool and carefully explain its use. Hint: Search for “risk assessment software” or “risk assessment tools” or more specifically “IT risk analytics software” or “IT risk analytics tools”.Searching for the best alternatives found in the market for risk assessment, Blueprint One World can be a great alternative risk analysis software. Blueprint One World helps organizations centralize its corporate data and simplify its processes to remain compliant with local legislation. It puts you in control of your corporate data to ensure timely compliance for statutory filing and corporate record-keeping. It has features that excel does not offer like:
- Contract Drafting
- Contract Templates
- Digital Signature
- Lifecycle Management
- Milestone Tracking
- Risk Assessment