Chap 1-3

is the process of analyzing data from different sources and summarizing it into relevant information that can be used to help increase revenue and decrease costs. Its primary purpose is to find correlations or patterns among dozens of fields in large databases

is the presentation of data in a pictorial or graphical format. It enables decision makers to see analytics presented visually, so they can grasp difficult concepts or identify new patterns.

is the process of assessing the likelihood of an adverse event occurring within the corporate, government, or environmental sector.

 

are data management solutions implemented in companies and enterprises to collect historical and present data, while using statistics and software to analyze raw information, and deliver insights for making better future decisions

is a translation of the key characteristics of the business problem you are trying to solve

4 Types of business analytics

this type of analytics describes or summarizes a business’s existing data to get a picture of what has happened in the past or is happening currently

• Descriptive

• Diagnostic

• Predictive

• Prescriptive

it can help identify strengths and weaknesses and provide insight into customer behavior

• Descriptive

• Diagnostic

• Predictive

• Prescriptive

this type of analytics shifts from the “what” of past and current events to “how” and “why,” focusing on past performance to determine which factors influence trends. This type of business analytics employs techniques such as drill-down, data discovery, data mining, and correlations to uncover the root causes of events.

• Descriptive

• Diagnostic

• Predictive

• Prescriptive

The most common physical product of diagnostic analysis is a ________

_________