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In a short paper describe the four different types of analytics needed to create insights and...

In a short paper describe the four different types of analytics needed to create insights and make decisions from big data.

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Expert Solution

Below are the 4 different types of analytics needed to create insights and make decisions.

  • Descriptive
  • Diagnostics
  • Predictive
  • Prescriptive
  1. Descriptive analytics: descriptive analytics gives information about current business situations. Current resources available, what is happening in the business. Etc.
  2. Diagnostics analytics: Diagnostics analytics tells about why it is happening, what are the reasons behind and root causes of the business condition.
  3. 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.
  4. 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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keosha answered 4 months ago
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