Consider the following situation:
The number of job openings for MBA graduates is growing rapidly and the B-school authorities are keen to know which MBA courses are preferred the most, what basic pay scale the employers are offering, comparison of current pay scale as compared to previous years, percentage growth in the pay scale with 5 years of experience and so on.
All these seem to be a typical statistical job involving various tools and techniques for analyzing the data. Whatever be the motive of analyzing the data, one thing is certain that a quick and efficient means of analyzing the employment opportunities for MBA graduates will be very helpful to various B-schools in effective decision-making.
So, is there any magic wand for today’s statisticians to handle such complex and Big data and analyze it productively? Is there anything that will provide some respite to today’s mathematicians and scientists to get into intricate situations and come out with an answer they were searching for so long? Yes, we have what is known as ‘Business Analytics With R’! Let’s learn something about it…
What is ‘R’ all about?
Business Analytics With R or commonly known as ‘R Programming Language’ is an open-source programming language and a software environment designed by and for statisticians. It is basically used for statistical computations and high-end graphics. Thus, it is a popular language among mathematicians, statisticians, data miners, and also scientists to do data analysis.
R is a GNU project, and is freely available under the GNU (General Public License), and R comes with pre-compiled binary versions for several operating systems ranging from Unix and similar systems (FreeBSD, Linux), Windows and also MacOS.
The inception of ‘R programming Language’!
R programming language was initially written by Ross Ihaka and Robert Gentleman at the University of Auckland, New Zealand and now it is developed by the R Development Core Team. R is an implementation of ‘S’ programming language which was developed by John Chambers at Bell Labs. The name ‘R’ to a certain extent is derived from the initial names of its creators – Ross Ihaka and Robert Gentleman and to some extent it is based on the ‘S’ programming language. Also, a large group of folks has contributed to ‘R’ by sending code and bug reports to its developers!
R has a home page: http://www.R-project.org/.
What Does ‘R’ language do?
‘R’ is a totally programmable computer language that:
What doesn’t ‘R’ language do?
There are various myths attached with the R language. To give you a clear understanding:
Some key characteristics of Business Analytics With R:
R is a very powerful enterprise-driven programming language which has the following striking features:
1. R is an open-source software!
Yes, R is free! It is licensed under GPL (just as Linux) and you have all the freedom to do whatever you want to do with R! You can be as creative as possible and make interesting modifications in it. R is open for integration into other systems too. While working on R programming language, you can access data whether it is on SAS, SPSS, SQL Server, Oracle or Excel and also integrate R in various applications and web-servers.
2. R programming is designed for Data Analysis!
R is primary a data analysis software that consists of vast collection of algorithms for data retrieval, processing, analysis and high-end statistical graphics. R has the built-in universal statistical methods such as mean, median, distributions, covariance, regression, non-linear mixed effects, GLM, GAM and the list just goes on… The functions of R programming language can access all the areas of the analysis results and combine analytical methods to reach certain conclusions which are crucial for the organizations.
For instance, precise information on the number of people (and their backgrounds) using a particular mobile handset can be very useful to a mobile company in leveraging its business.
3. R programming is Object-oriented!
Yes, it’s true! As compared to other statistical languages, R programming language has strong object-oriented programming facilities. This is because R has derived from S programming language. Though R is proficient in developing fully object-oriented programs, it’s approach to OOP is based on generic functions instead of class hierarchies. R consists of three OOP systems S3, S4 and R5. These features are based on the concepts of classes and methods. It will be unfair to compare R with typical object-oriented languages like Perl, Python, Ruby and so on.
4. R is an Interpreted Computer Language!
R is typically an interpreted computer language allowing some incredible branching, looping and modular programming using functions. The R distribution consists of functionality for a broad spectrum of statistical procedures such as time series analysis, classical parametric and nonparametric tests, linear and non-linear regression models, clustering, smoothing and so on. Also, advanced developers of R programming can write ‘C’ code to work on R objects directly.
5. R language produces high-end graphics!
R programming as a flexible graphical environment to offer a wide variety of graphical functions for data presentations such as bar plots, pie charts, histograms, time series, dot charts, image plots, 3D surfaces, scatter plots, maps, etc. Using R, you can customize your graphics endlessly, and develop fresh graphics by combining different graph types and have great FUN!
6. Business Analytics with R provides Advanced Analytics!
You can find various amazing domain-specific suites for R such as Rmetrics Project for computational finance and BioConductor for the analysis and comprehension of high-throughput genomic data. Apart from these suites, there are several add-on packages available for R such as CRAN (a set-up of ftp and web servers across the globe to store identical and latest versions of the code and documentation for R) and Task Views (Guides for the R functions and packages which are handy for certain methodologies and disciplines).
7. Business Analytics with R has a well-knit community!
R programming language has a vast community of 2 million people, which is growing exponentially! R is no longer just a programming language but a culture among various programmers world across. Surf the internet and in a fraction of a second you will find several websites, forums, blog posts, articles on R programming language. For instance, we have Crantastic, a community website for R packages where you can search for, review and tag CRAN packages. If you are looking for R tweets on twitter, this is how to go about it – #rstats hashtag on Twitter.
Thus, one thing we learnt about R programming language is that R is limitless in terms of data analysis. It has some outstanding features which can always be explored further for a powerful and flexible data computation. The way in which the functionality and popularity of R is growing, R programming language is going to stay for long and continue helping organizations in the complicated process of data analysis.
Got a question for us?? Mention them in the comments section and we will get back to you.