In the case of prescriptive analytics, testing and other techniques are employed to determine which outcome will yield the best result in a given scenario. Diagnostic analytics can be used to identify the root cause of a problem. Descriptive analytics is the interpretation of historical data to identify trends and patterns, while predictive analytics centers on taking that information and using it to forecast future outcomes. There are four key types of business analytics: descriptive, predictive, diagnostic, and prescriptive. DOWNLOAD NOWīusiness analytics is the use of math and statistics to collect, analyze, and interpret data to make better business decisions. “It’s the way the world is going.”īefore taking a look at how some companies are harnessing the power of data, it’s important to have a baseline understanding of what the term “business analytics” means.įree E-Book: A Guide to Advancing Your Career with Essential Business SkillsĪccess your free e-book today. “The ability to bring data-driven insights into decision-making is extremely powerful-all the more so given all the companies that can’t hire enough people who have these capabilities,” says Harvard Business School Professor Jan Hammond, who teaches the online course Business Analytics. For business professionals, knowing how to interpret and communicate data is an indispensable skill that can inform sound decision-making. Data is a valuable resource in today’s ever-changing marketplace.
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