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Data Summarisation

By Moloy De posted Fri January 29, 2021 05:25 AM

  
Information storage and retrieval have become cheaper and well available be it in the form of Big Data or Small Data. Now looking at the data it is impossible to churn out meaningful and necessary information that is required in making business decisions. So using Statistical Techniques we summarize the data in the form of charts, graphs, tables and even machine learning predictions. Once presented to the deciding body people ultimately takes risks in making data driven decisions. So, in my viewpoint, managers gut feeling in not a competitor to data science but rather a helping aid while making effective decisions. 

I was studying the past results of the Assembly Elections in West Bengal, India. Below are the vote percentages of the elections in West Bengal since 1977 as obtained from India Votes database.


Now just looking at the data it is an impossible task to say predict the result of the upcoming Assembly Election  in WB in 2021. So we develop the Statistical Technique of Time Series Graph below that is just a data summarization to help you in making the predictions.

QUESTION I: Why do we develop Analytical Models when we already know it has imperfections in presenting the reality?
QUESTION II: Statistics is the science of making decisions in the face of uncertainty. Could it be error free?

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