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Introduction To Dsilytics/ Business Analytics: Dr. Wilson Cordova, LPT

Business analytics uses statistical methods and technologies to analyze historical data and gain insights to improve strategic decision making. There are four main types of analytics: descriptive analytics looks at past data; predictive analytics makes predictions about the future; discovery analytics analyzes data from various sources to find patterns; and prescriptive analytics uses machine learning to recommend courses of action based on predictions. Together, these analytics approaches help businesses understand what happened, what may happen, and what they should do.

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22 views13 pages

Introduction To Dsilytics/ Business Analytics: Dr. Wilson Cordova, LPT

Business analytics uses statistical methods and technologies to analyze historical data and gain insights to improve strategic decision making. There are four main types of analytics: descriptive analytics looks at past data; predictive analytics makes predictions about the future; discovery analytics analyzes data from various sources to find patterns; and prescriptive analytics uses machine learning to recommend courses of action based on predictions. Together, these analytics approaches help businesses understand what happened, what may happen, and what they should do.

Uploaded by

dlsu.student.affairs
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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INTRODUCTION TO DSILYTICS/

BUSINESS ANALYTICS
Dr. Wilson Cordova, LPT
WHAT IS BUSINESS ANALYTICS?

Business Analytics (BA) is the process by


which businesses use statistical methods
and technologies for analyzing historical data
in order to gain new insight and improve
strategic decision-making.

BA is used by companies that are


committed to making data-driven decisions.
CLASSIFICATIONS OF ANALYTICS:

❑ Descriptive Analytics
❑ Predictive Analytics
❑ Discovery Analytics
❑ Prescriptive Analytics
DESCRIPTIVE ANALYTICS

Descriptive Analytics is the interpretation


of historical data to better understand
changes that have occurred in a business.

Descriptive Analytics describes the use of a


range of historic data to draw comparisons.
DESCRIPTIVE ANALYTICS
Looking at the past
❑ They ask questions like:
! What happened and why it happened?
! What’s happening and then why it is happening?

Ex. Company Reports


provide a historic review of an org's operations such
as: sales, finances, customers, and stakeholders...

common methods used in Descriptive Analytics are


observations, case studies, and surveys.
PREDICTIVE ANALYTICS

Predictive Analytics is used to make


predictions about unknown future events.

Predictive Analytics uses techniques such as:


data mining, statistics, modeling, machine
learning, and artificial intelligence to analyze
current data to make predictions about future.
PREDICTIVE ANALYTICS

❑ Looking at the present


❑ They ask questions like:
! What is likely to happen and why?

Examples:
Retail, Health, Sports, Weather, Insurance/Risk
Assessment, Financial modeling, Energy, and
Social Media Analysis.
DISCOVERY ANALYTICS

Data Discovery is analysis of data from


various sources to gain insight from hidden
patterns and trends.

Discovery Analytics is normally the first step


in fully harnessing an organization's data to
inform critical business decisions.

Data Mining + Patterns and Correlations


PRESCRIPTIVE ANALYTICS

Prescriptive analytics makes use of machine


learning to help businesses decide a course of
action based on a computer program's
predictions.

Prescriptive analytics works with predictive


Analytics, which uses data to determine near-
term outcomes.
Predictive analytics forecasts what will happen in the future.
Prescriptive analytics provide intelligent recommendations.
PRESCRIPTIVE ANALYTICS

❑ Looking at the future


❑ What we should do about it?
❑ What actions we should be taking?
ILLUSTRATIONS

Descriptive Analytics
+
Predictive Analytics Prescriptive
+ Analytics
Discovery Analytics
WHAT WE ARE GOING TO DO?

Explore
+
Explain Forecasting
+
Experimenting
BUSINESS ANALYTICS

Data Mining
+
Statistical Analysis Predictive Analytics
+
Testing

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