An Overview of business - Analytics Overview

8 important questions on An Overview of business - Analytics Overview

What is descriptive analytics? (or reporting analytics)
What are the various tools are employed in descriptive analytics?

Refers to knowing what is happening in the organization and understanding some underlying trends and causes of such occurrences. Visualization!
Tools e.g. : Tableau, Dundas BI.

How is descriptive analytics different from traditional reporting?

It is based on real-time data and is visualized.

What is a DW?
How can data warehousing technology help enable analytics?

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What is predictive analytics?
How can organizations employ predictive analytics?

Aims to determine what is likely to happen in the future. It's based on statistical techniques and data mining techniques.

What is prescriptive analytics?
What kind of problems can be solved by prescriptive analytics?

Goal: recognize what is going on as well as the likely forecast and make decision to achieve the best performance possible.
Recommendations in the form of
  • specific yes/no decision for a problem.
  • a specific amount (e.g. price)
  • a complete set of production plans
--> Decision or normative analytics

Define modeling from the analytics perspective


Is it a good idea to follow a hierarchy of descriptive and predictive analytics before applying prescriptive analytics?


How can analytics aid in objective decision making?


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