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Types of Analytics

The document discusses four main types of analytics: descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics. Descriptive analytics analyzes historical data to understand changes and trends. Diagnostic analytics helps determine why something happened by using techniques like data drilling. Predictive analytics uses statistics and modeling to forecast future performance. Prescriptive analytics considers all relevant factors to determine the optimal course of action and provide recommendations.

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ME3165 Kunal girase
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508 views

Types of Analytics

The document discusses four main types of analytics: descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics. Descriptive analytics analyzes historical data to understand changes and trends. Diagnostic analytics helps determine why something happened by using techniques like data drilling. Predictive analytics uses statistics and modeling to forecast future performance. Prescriptive analytics considers all relevant factors to determine the optimal course of action and provide recommendations.

Uploaded by

ME3165 Kunal girase
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Shri Chanakya Education Society’s

Indira Institute of Management PGDM


End Term Examination Presentation & Viva Voce (Dec 2022)

Subject: E Business

Topic: Types of Analytics


Group No. B -12 & Members

1)Paridhi Shishodia 4)Gaurav


2)Pranav Joshi 5)Harshal Khupte
3)Yash Joshi
What is Analytics

+ Analytics is the process of discovering,


interpreting, and communicating significant
patterns in data.
+ Analytics helps us see insights and meaningful
data that we might not otherwise detect
History of Analytics
+ In the past, data storage and processing
speed limited analytics.
+ Use of RDBMs (Relational Database
Management)
+ Development of NoSQL(Non structured
database)
Types of Analytics

Descriptive Diagnostic
Analytics Analytics

Predictive Prescriptive
Analytics Analytics
Descriptive Analytics: what has happened?

+ Descriptive analytics is the process of parsing


historical data to better understand the changes
that have occurred in a business.
+ Using a range of historic data and benchmarking,
decision-makers obtain a holistic view of
performance and trends on which to base
business strategy.
+ Descriptive analytics can help to identify the
areas of strength and weakness in an
organization.
Diagnostic Analytics: why it happened?

Diagnostic analytics
Diagnostic analytics is a Diagnostic analytics can
enables companies to
type of analytics that use a variety of
make more-informed
helps companies techniques, including
decisions about how to
answer the question, data drilling, data mining
remediate problems and
“Why did this happen?” and correlation analysis.
drive continued success.
Predictive Analytics: what is likely to happen in the future?

+ Predictive analytics uses statistics and modelling


techniques to determine future performance.
+ Industries and disciplines, such as insurance and
marketing, use predictive techniques to make
important decisions.
+ Predictive models help make weather forecasts,
develop video games, translate voice-to-text
messages, customer service decisions, and develop
investment portfolios.
Prescriptive analytics is the process of using
data to determine an optimal course of
action.
Prescriptive By considering all relevant factors, this type
Analytics: what of analysis yields recommendations for next
steps. 
is the best
prescriptive analytics is a valuable tool
course of for data-driven decision-making.

action?
Machine-learning algorithms are often used
in prescriptive analytics to parse through
large amounts of data faster—and often
more efficiently—than humans can.
Thank You

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