Below are the 4 different types of analytics needed to create
insights and make decisions.
- Descriptive
- Diagnostics
- Predictive
- Prescriptive
- Descriptive analytics: descriptive analytics
gives information about current business situations. Current
resources available, what is happening in the business. Etc.
- Diagnostics analytics: Diagnostics analytics
tells about why it is happening, what are the reasons behind and
root causes of the business condition.
- Predictive analysis: In this case, company or
business man can predict the outcomes or results of any particular
business activity. This involve referring to past data in order to
predict the future conditions.
- Prescriptive analytics: prescriptive analytics
gives the solutions to any business situation. Applies techniques
and methodology, and recommendations. Based on the prescriptive
analytics business takes necessary actions to carry out the
business.
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