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Introduction to DSILYTC

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Introduction to DSILYTC

Uploaded by

JunThe IcePrince
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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12/2/2024

WHAT IS BUSINESS ANALYTICS?

Business Analytics (BA) is the process by


INTRODUCTION TO DSILYTICS/ which businesses use statistical methods and
BUSINESS ANALYTICS technologies for analyzing historical data in
order to gain new insight and improve strategic
Dr. Wilson Cordova, LPT decision-making.

BA is used by companies that are committed


to making data-driven decisions.

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DESCRIPTIVE ANALYTICS
CLASSIFICATIONS OF ANALYTICS:
Descriptive Analytics is the interpretation of
 Descriptive Analytics
historical data to better understand changes
 Predictive Analytics
that have occurred in a business.
 Discovery Analytics

 Prescriptive Analytics Descriptive Analytics describes the use of a range


of historic data to draw comparisons.

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12/2/2024

DESCRIPTIVE ANALYTICS PREDICTIVE ANALYTICS


Looking at the past
 They ask questions like:
Predictive Analytics is used to make predictions
 What happened and why it happened?
about unknown future events.
 What’s happening and then why it is happening?
Predictive Analytics uses techniques such as:
Ex. Company Reports data mining, statistics, modeling, machine
provide a historic review of an org's operations such learning, and artificial intelligence to analyze
as: sales, finances, customers, and stakeholders... current data to make predictions about future.

common methods used in Descriptive Analytics are


observations, case studies, and surveys.

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PREDICTIVE ANALYTICS DISCOVERY ANALYTICS

 Looking at the present Data Discovery is analysis of data from various


 They ask questions like:
sources to gain insight from hidden patterns and
trends.
 What is likely to happen and why?

Examples: Discovery Analytics is normally the first step in


fully harnessing an organization's data to inform
Retail, Health, Sports, Weather, Insurance/Risk critical business decisions.
Assessment, Financial modeling, Energy, and
Social Media Analysis.
Data Mining + Patterns and Correlations

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12/2/2024

PRESCRIPTIVE ANALYTICS PRESCRIPTIVE ANALYTICS

Prescriptive analytics makes use of machine


learning to help businesses decide a course of  Looking at the future
action based on a computer program's
predictions.  What we should do about it?
 What actions we should be taking?
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.

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ILLUSTRATIONS
WHAT WE ARE GOING TO DO?

Descriptive Analytics
Explore
+
+
Predictive Analytics Prescriptive Analytics Forecasting
Explain
+
+
Discovery Analytics
Experimenting

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12/2/2024

BUSINESS ANALYTICS

Data Mining
+
Statistical Analysis Predictive Analytics
+
Testing

13

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