Applications of Machine Learning in Manufacturing – Chapter 3: Data analysis

Abstract: In the previous article, data acquisition and pre-process layer was introduced. After acquiring clean data, data analysis task should be performed. Analysis of data is a vital part of running a successful business. When data is used effectively, it helps businesses have better decision-making for their future activities. There are various types of data analysis that will be introduced in this article such as correlation analysis, statistic analysis, descriptive analysis, distribution analysis, diagnostic analysis, predictive analysis, prescriptive analysis, and so on. They are all linked together and build upon each other. They can be the simplest type to more complex. The more complex it is; the more valuable insight it adds. Statistic analysis Statistical analysis is the science of collecting, exploring, and presenting large amounts of data to discover underlying patterns and trends. Note that the keyword here is “statistic”. Statistics are applied every day – in res...