Types of Analytics
Descriptive [ What]
- Depends upon past and historical data
- Metrics : mean, Media, Mode, SD, Quartiles,
aggregation and summary statistics
Diagnostic [Why]
- What happened
- Rooted in the past and based on probability
- techniques: PCA, Sensitivity Analysis, Regression Analysis - Identify Outliers, Isolate Patterns, Uncover relationships
Predictive [IF]
- What might happen if specific occur
- Based on probability
- Techniques : Quantities, predictive modeling, Machine Learning Algorithms
Prescriptive:[How]
- Best Action for better performance
- Future SoP
- Simulation Anlysis, Recommendation Systems, AI & NN
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