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Types of Analytics

The document discusses different types of analytics used in business decision making. Descriptive analytics describes what happened in the past using statistics and visualizations. Diagnostic analytics helps understand why something occurred by exploring data correlations. Predictive analytics uses machine learning to forecast future outcomes based on historical trends. Prescriptive analytics recommends actions to influence predicted outcomes. Together these analytics help organizations understand performance, identify issues, and make informed decisions.

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MBA LOGISTICS & SUPPLY CHAIN MANAGEMENT
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127 views10 pages

Types of Analytics

The document discusses different types of analytics used in business decision making. Descriptive analytics describes what happened in the past using statistics and visualizations. Diagnostic analytics helps understand why something occurred by exploring data correlations. Predictive analytics uses machine learning to forecast future outcomes based on historical trends. Prescriptive analytics recommends actions to influence predicted outcomes. Together these analytics help organizations understand performance, identify issues, and make informed decisions.

Uploaded by

MBA LOGISTICS & SUPPLY CHAIN MANAGEMENT
Copyright
© © All Rights Reserved
Available Formats
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Download as pptx, pdf, or txt
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INSTITUTE –University School of

Business
DEPARTMENT -AIT
M.B.A
Business Analytics
Faculty Name : Shailja Gera

Lecture on :Comparision Of Different types of Analysis

DISCOVER . LEARN . EMPOWER


UNIT-2-Explore, Prepare, Represent
& Transform data

1
Different Types of Analytics
• Today, most organizations emphasize data to drive business decisions, and
rightfully so. But data alone is not the goal. Facts and figures are meaningless
if you can’t gain valuable insights that lead to more-informed actions.
• Analytics solutions offer a convenient way to leverage business data.
• Descriptive Analytics tells you what happened in the past.
• Diagnostic Analytics helps you understand why something happened in the
past.
• Predictive Analytics predicts what is most likely to happen in the future.
• Prescriptive Analytics recommends actions you can take to affect those
outcomes.
What is Descriptive Analytics?

• Descriptive analytics looks at data statistically to tell you what


happened in the past. Descriptive analytics helps a business understand
how it is performing by providing context to help stakeholders interpret
information. This can be in the form of data visualizations like graphs,
charts, reports, and dashboards.
• How can descriptive analytics help in the real world? In a healthcare
setting, for instance, say that an unusually high number of people are
admitted to the emergency room in a short period of time. Descriptive
analytics tells you that this is happening and provides real-time data
with all the corresponding statistics (date of occurrence, volume, patient
details, etc.).
What is Diagnostic Analytics?

• Diagnostic analytics takes descriptive data a step further and provides


deeper analysis to answer the question: Why did this happen? Often,
diagnostic analysis is referred to as root cause analysis. This includes
using processes such as data discovery, data mining, and 
drill down and drill through.
• In the healthcare example mentioned earlier, diagnostic analytics
would explore the data and make correlations. For instance, it may
help you determine that all of the patients’ symptoms—high fever, dry
cough, and fatigue—point to the same infectious agent. 
What is Predictive Analytics?

• Predictive analytics takes historical data and feeds it into a machine


learning model that considers key trends and patterns. The model is
then applied to current data to predict what will happen next.
• Back in our hospital example, predictive analytics may forecast a
surge in patients admitted to the ER in the next several weeks. Based
on patterns in the data, the illness is spreading at a rapid rate.
What is Prescriptive Analytics?

• Prescriptive analytics takes predictive data to the next level. Now


that you have an idea of what will likely happen in the future, what
should you do? It suggests various courses of action and outlines what
the potential implications would be for each.
• Back to our hospital example: now that you know the illness is
spreading, the prescriptive analytics tool may suggest that you
increase the number of staff on hand to adequately treat the influx of
patients.
Summary
Both descriptive analytics and diagnostic analytics look to the past to
explain what happened and why it happened. Predictive analytics and
prescriptive analytics use historical data to forecast what will happen in
the future and what actions you can take to affect those outcomes.
Forward-thinking organizations use a variety of analytics together to
make smart decisions that help your business—or in the case of our
hospital example, save lives.
Thank You

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