What are the Data analytics Projects?by Nirmal Patel Degital Marketing Manager
As data analysis is used
to curate insights from, there are a lot of options when it comes to projects
on data analysis. A certain plan needs to be followed in order to complete a
data analysis project, otherwise, it would take a lot longer with vague results.The plan is:
- illustration of the basic requirements
- Declares objectives
- Outlines data structures
- Identifies procedures, and
- Describes sources of data
This is done because the plan is extremely important part of the project.
A data analysis project can have a lot of applications, and benefits as well for beginners. It will also help to get a better grasp of various concepts, because of the nature of the projects themselves. The two primary requirements are to find a question which can be answered in a well explained manner, and answering the question in said explained manner. These projects can often help interns cover their lack of experience.
But it is sometimes hard
for beginners to get an idea of what is more important, and which things to
focus on more. Everything from code structures to steps taken by you are
important. The stages of the project need to be defined by you, such as
- Separating the data acquisition code so that data does not get queried with time. (This is especially important when there are heavy queries. Data acquisition will also be computed.)
- Data cleaning, and separately creating new datasets.
- Understanding where to use the dataset. (This can be done alongside data cleaning if multiple datasets are merging. If there is only one dataset at play, clean and explore the same step.)
- Answering the question.
- Communicating the results. (It can be either a report or a piece of a production code.)
However, it is not always about the number of projects to be completed. It should be more focused on specific domains, like engineering, finance, social science, etc. Focusing on one domain allows a lot more comprehensive development, and deeper understanding. It also includes literature reviews as well. So it is always better to choose your domain and then structure your project.
Financial data analysis is one of the more widespread applications of data analysis, and it is in fact a vaster subject than finance itself. The projects on this domain are some of the most interesting ones, even at beginner level.
The first project can be as simple as building a model for credit scorecard. Credit scorecards are mainly needed to determine credit worthiness. Loan data sets which are publicly available can be used to make such scorecards. Assuming there is data on 1000 clients, the data can be can be classified in categories such as default and non-default. This can be further used to give scores to future customers, and also be used to determine a minimum score. These are actually very popular in the industry, and is often used to help in taking certain decisions about whether it would be profitable to grant credit or not. It is also used to estimate future losses, and to monitor the portfolio.When the basic are cleared on how to do everything, more challenging projects like revenue forecasting can be taken on. Taking data as factors affecting the company revenue, or the revenue of a group of companies, which is for a certain period of time (which is always the same) to come up with a regression model. It is important to note that correction needs to done for auto-correlation because the data changes with time, and this might cause errors to build up.
Created on Jul 30th 2018 04:36. Viewed 402 times.