BUSINESS ADMINISTRATION
BUSINESS ANALYTICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Descriptive Analytics-involves using innovative techniques to locate the relevant data and identify the interesting patterns in order to better describe and understand what is going on now.
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Predictive Analytics-involves using the data to prescribe what should be done in the future.
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Prescriptive Analytics-involves using the data to predict what will happen in the future.
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Detailed explanation-1: -General techniques used in descriptive analytics include; Data collection, Data preparation, exploratory data analysis, data visualization, statistical analysis, and predictive modeling.
Detailed explanation-2: -Descriptive analytics is a type of data analytics that looks at past data to give an account of what has happened. Results are typically presented in reports, dashboards, bar charts and other visualizations that are easily understood.
Detailed explanation-3: -There are three types of analytics that businesses use to drive their decision making; descriptive analytics, which tell us what has already happened; predictive analytics, which show us what could happen, and finally, prescriptive analytics, which inform us what should happen in the future.
Detailed explanation-4: -Company reports tracking inventory, workflow, sales and revenue are all examples of descriptive analytics. Other examples include KPIs and metrics used to measure the performance of specific aspects of the business or the company overall.