Data Analytics for Statistical Learning

The prevalence of big data has rapidly changed the usage and mechanisms of data analytics within organizations. Big data is a widely-used term without a clear definition. The difference between big data and traditional data can be characterized by four Vs: velocity (speed at which data is generated), volume (amount of data generated), variety (the data can take on different forms), and veracity (the data may be of poor/unknown quality). As many industries begin to recognize the value of big data, organizations try to capture it through means such as: side-channel data in a manufacturing operation, unstructured text-data reported by healthcare personnel, various demographic information of households from census surveys, and the range of communication data that define communities and social networks. Big data analytics generally follows this framework: first, a digitized process generates a stream of data, this raw data stream is pre-processed to convert the data into a usable format, the pre-processed data is analyzed using statistical tools. In this stage, called statistical learning of the data, analysts have two main objectives (1) develop a statistical model that captures the behavior of the process from a sample of the data (2) identify anomalies in the process. However, several open challenges still exist in this framework for big data analytics. Recently, data types such as free-text data are also being captured. Although many established processing techniques exist for other data types, free-text data comes from a wide range of individuals and is subject to syntax, grammar, language, and colloquialisms that require substantially different processing approaches. Once the data is processed, open challenges still exist in the statistical learning step of understanding the data. Statistical learning aims to satisfy two objectives, (1) develop a model that highlights general patterns in the data (2) create a signaling mechanism to identify if outliers are present in the data. Statistical modeling is widely ...