25 Aug Develop other and more advanced while relevant statistical models such as multivariate regression, time series and so on to analyse your data.
STATISTICAL INFERENCE
Introduction
This assessment activity’s focus is on statistical inference for which you will continue your statistical analysis using more advanced techniques to gain more in-depth insights from your data.
Requirements
The following guidelines provide clues for more effective analysis.
Develop other and more advanced while relevant statistical models such as multivariate regression, time series and so on to analyse your data. There is not any restriction on using statistical methods and tools at this stage, so feel free to explore other methods which could help improve the quality of your work and the outcome using Excel.
Evaluate the models and compare the results with those from the previous stage. Critically discuss your findings and provide evidence using suitable graphs, charts, and or tables.
Discuss potential directions and questions which could be answered by future analysis.
Deliverables
Prepare a report that includes the following:
With detail and critically discuss the process and results of your inferential analysis, evaluations, and comparisons in 800 words.
Attach insightful graphs, tables etc. that you have developed to support your discussion.
Ensure that your analysis and report are informed by relevant literature and industry best practices, where appropriate.
ADVANCED DATA VISUALISATION
Introduction
In this assessment activity, you will create a data product to deliver the outcome of your analysis to potential users. The product could be an infographic, a data dashboard, or a tool (e.g., a forecasting / prediction tool) that could be used by an end user to gain insights from data and make decisions.
Details
The analysis that you have conducted in the previous stages would have led you to a data product and potential visualizations. The potential data product should be a result of identifying a business reporting gap / need. In this assessment you will be using your data to develop a data product to address a business need / gap.
Requirements
The requirements of this assessment activity are as follows:
Based on the learning and skills that you have gained and the outcome of your quantitative analysis, propose a suitable data product for your business scenario that can benefit potential users.
Build a narrative: describe your idea, the type of product you will create, target users, the tool / platform that you will use, and the business questions which will be answered.
Design and develop your product.
Evaluate the efficiency of the product. Discuss what benefits it provides to intended users. Discuss if there are any shortcomings and why.
Deliverables
Prepare a report that includes the following:
Your data product (including source files, dataset/s, a user manual describing how it can be used).
A report informed by the literature and industry best practices discussing how your business scenario led to a data product, the narrative, specifications and components of your product and rationale behind choosing each component, how the evaluation is performed, benefits, shortcomings, future work, and any other information / evidence to support your work.
800 words.
Requirements: 1500 words
