BUSINESS ADMINISTRATION
BUSINESS ANALYTICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Business Analytics
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Descriptive Analytics
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Predictive Analytics
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Prescriptive Analytics
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Detailed explanation-1: -Predictive analytics: Consists of techniques that use models constructed from past data to predict the future or ascertain the impact of one variable on another.
Detailed explanation-2: -Predictive analytics uses historical data to predict future events. Typically, historical data is used to build a mathematical model that captures important trends. That predictive model is then used on current data to predict what will happen next, or to suggest actions to take for optimal outcomes.
Detailed explanation-3: -Descriptive analysis answers the “what happened” by summarizing past data, usually in the form of dashboards. The biggest use of descriptive analysis in business is to track Key Performance Indicators (KPIs).
Detailed explanation-4: -There are four types of analytics, Descriptive, Diagnostic, Predictive, and Prescriptive.
Detailed explanation-5: -Predictive analytics is a branch of advanced analytics that makes predictions about future outcomes using historical data combined with statistical modeling, data mining techniques and machine learning.