Week 9 Mid-Term Revision (Flashcard)

Front

What sort of data Descriptive Analytics is dealing with?

Back

Historical data

Front

What is the objective of conducting Descriptive Analytics?

Back

to identify patterns, trends and insights.

Front

What type of question Descriptive Analytics can help to answer?

Back

What have happened?

Front

What are the 3 components needed to conduct Predictive Analytics?

Back

Historical data, Statistical Models and Machine Learning.

Front

What is the main objective of conducting Predictive Analytics?

Back

to predict future outcomes.

Front

What question Predictive Analytics help to answer?

Back

What is likely to happen?

Front

What are the 3 components required to conduct Prescriptive Analytics?

Back

Analyzed data, Predictive Model and Optimization techniques.

Analyzed data as a result of Descriptive Analytics.

Predictive Model as a result of Predictive Analytics.

Optimization techniques are utilized in Prescriptive Analytics.

Front

What is the main objective of conducting Prescriptive Analytics?

Back

To recommend actions.

(to make solution actionable)

Front

What is the question Prescriptive Analytics help to answer?

Back

What should we do to achieve the best outcome?