BUSINESS ADMINISTRATION
BUSINESS ANALYTICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Descriptive analytics
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Predictive analytics
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Diagnostic analytics
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Prescriptive analytics
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Detailed explanation-1: -2) Diagnostic Analytics: Focus on past performance to determine what happened and why. The result of the analysis is often an analytic dashboard. 3) Predictive Analytics: Emphasizes on predicting the possible outcome using statistical models and machine learning techniques.
Detailed explanation-2: -This means that descriptive analytics uses historical data and past performance to figure out where improvements can be made. Predictive analytics can try to help companies understand how those changes will impact performance in the future. As such, these two types of analysis can be used together to work hand-in-hand.
Detailed explanation-3: -Diagnostic Analytics focuses on the reason for the occurrence of any event.
Detailed explanation-4: -Descriptive Analytics, which tells you what happened in the past. Diagnostic Analytics, which helps you understand why something happened in the past. Predictive Analytics, which predicts what’s most likely to happen in the future.
Detailed explanation-5: -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.