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Unit 1. Types of Analytics, . - Coggle Diagram
Unit 1. Types of Analytics
Descriptive
Process
Business Understanding
Data Understanding
Data Extraction & Preparation
Data Analysis
Present Results
Benifits
Makes sense of large data
Improves business understanding
Enables data-driven decisions
Diagnostic
Benifits
Better data understanding
Find answers to company questions
Understand customers through data analysis
Uses
Investigate Root Cause
Understand Trends & Patterns
Data Driven Decisions
Predictive
Benefits:
Reliable future forecast
Cost savings and earnings
Effective inventory management
Customer attraction and retention
Process:
Define the problem
Acquire and organize data
Pre-process data
Develop predictive models
Validate and deploy results
Techniques
Regression analysis
Decision trees
Neural networks
Prescriptive
Benifits
Process improvement
Market understanding
Financial gains
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