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Data Analytics

Data analytics involves analyzing raw data to gain meaningful insights. There are 4 main types: descriptive analytics which summarizes past trends; diagnostic analytics which identifies the causes of those trends; predictive analytics which forecasts future trends; and prescriptive analytics which recommends courses of action.

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87 views6 pages

Data Analytics

Data analytics involves analyzing raw data to gain meaningful insights. There are 4 main types: descriptive analytics which summarizes past trends; diagnostic analytics which identifies the causes of those trends; predictive analytics which forecasts future trends; and prescriptive analytics which recommends courses of action.

Uploaded by

Christo88
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Data Analytics & Types

Data analytics is the process of


analyzing raw data to get meaningful
information to make informed
decisions.

4 Types of Analytics:

1. Descriptive
2. Diagnostic
3. Predictive
4. Prescriptive
Descriptive Analytics
Descriptive analytics is the most basic and widely used type of
analytics and it is the first step in making sense of raw data.

It focuses on summarizing and highlighting patterns in current and


historical data.

It answers the question "What happened?"

It's used to produce the key performance indicators (KPIs) and


metrics included in business reports and dashboards.
Diagnostic Analytics
Diagnostic Analytics attempts to identify the causes of trends
and anomalies that descriptive analytics have identified.

Examines causes of trends to help companies better


understand variations in performance and customer behavior.

Looks at "Why things happened?"

Techniques used are drill-down, data discovery, data mining


and correlations.
Predective Analytics
Predictive Analytics looks at how trends might unfold in the
future and their potential impact.

This helps business leaders to take a more proactive, data-


driven approach to decision-making.

Looks at "What might happen in the future?"

Statistical and machine learning technique are used.


Prescriptive Analytics
Prescriptive Analytics goes beyond explanations and
predictions to recommend the best course of action moving
forward.

This helps business leaders to take a more proactive, data-


driven approach to decision-making..

Looks at "What should we do next?"

Techniques used such as Heuristics, Rule based systems and


Optimization.

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