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TYPES 4 - Coggle Diagram
TYPES
DATA ANALYSIS
DIAGNOSTIC ANLYSIS
three techniques used
Data mining
Correlation
Data discovery
Answers the next question "Why did this happen"?
includes comparison of coexisting trends or movements
useful for getting at the root of an analysis
DESCRIPTIVE ANALYSIS
Answers the question "What happened"?
Describe what happened or currently happening
pull trends from raw data
Data Visualisation is a natural it for communicating descriptive analytics
Simplest type of analytics
PRESCRIPTIVE ANALYSIS
Answer the question "What should we do next"?
takes all possible factors in scenario and suggest actionable takeaways
Artificial intelligence is best eample
It not only says what will happen but also why its happening
PREDICTIVE ANALYSIS
Business applications of predictive analysis include:
Sales forecasting
Using customer segmentation
Risk assessment
in customer access team
Predective analysis in organisation is difficult
relies on stastical modelling
Answers a question "What might happen"?
Use to make predictions
DATA SCIENCE
DATA MINING
Predictive data mining
regression analysis
used to identify and analyze the relationship among variables.
used for prediction and forecasting purposes
time series analysis
a series of data items often captured at precise time intervals
assist in the generation of relevant data for long-term business choices
Every day, almost every firm creates a large amount of data, such as sales numbers and income.
prediction analysis
utilised to forecast the connection between the independent and dependent variables as well as the independent variables alone
classification analysis
very helpful for retailers who can use it to study the buying habits of their different customers
example is outlook email
used to categories the different types of data format into different classes
used in fetching and retrieving important and relevant information about data and meta data
Descriptive data mining
association analysis
sequence analysis
summarisation analysis
clustering analysis
