: what is your understanding of business data analysis? Give an example that you are familiar...

: what is your understanding of business data analysis? Give an example that you are familiar with.

Question 2: what are the 4 basic categories of data? Describe the key characters of each category.

Solutions

Expert Solution

Business data analysis is collecting, storing, and analyzing all the information that a manager needs to make a decision regarding the company’s objectives and goals. Example: Analyzing sales information gathered through business data analysis. Managers use sales patterns to predict future sales and make changes in the current sales pattern.

Four categories of data analysis are:

Descriptive Analytics:

* Summarizing existing data.

* Analyzing historical data as well.

· Diagnostic Analytics:

* It helps in understanding the reason behind the occurrence of any problem.

* Mention the techniques that should be used to analyze the data.

Predictive Analytics:

* It is used to make predictions based on current data.

* Managers can analyze future threats and opportunities.

Prescriptive Analytics:

* Recommend solution or action after analyzing the data.

* Problem-solving tool.

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Rahul Sunny answered 11 months ago

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