Podcast
Questions and Answers
What is the primary purpose of descriptive analytics?
What is the primary purpose of descriptive analytics?
- To identify the underlying reasons for trends
- To recommend the next course of action
- To summarize raw data and reveal trends (correct)
- To forecast future trends
Which type of analytics correlates data to uncover underlying reasons for trends?
Which type of analytics correlates data to uncover underlying reasons for trends?
- Predictive analytics
- Diagnostic analytics (correct)
- Prescriptive analytics
- Descriptive analytics
What technique is used in predictive analytics to forecast future trends?
What technique is used in predictive analytics to forecast future trends?
- Regression analysis
- Frequency analysis
- Statistical modeling and machine learning (correct)
- Time-series analysis
What is the ultimate goal of prescriptive analytics?
What is the ultimate goal of prescriptive analytics?
Which type of analytics is used to identify the customer segment responsible for generating the highest revenue?
Which type of analytics is used to identify the customer segment responsible for generating the highest revenue?
What is used in diagnostic analytics to identify the underlying reasons for trends?
What is used in diagnostic analytics to identify the underlying reasons for trends?
What is the primary objective of prescriptive analytics?
What is the primary objective of prescriptive analytics?
Which type of analytics is used to identify the highest revenue-generating customer segment?
Which type of analytics is used to identify the highest revenue-generating customer segment?
What technique is commonly used in predictive analytics?
What technique is commonly used in predictive analytics?
What is the primary difference between diagnostic analytics and prescriptive analytics?
What is the primary difference between diagnostic analytics and prescriptive analytics?
Which type of analytics helps a food processing company find the reason for the spike in sales of protein beverages?
Which type of analytics helps a food processing company find the reason for the spike in sales of protein beverages?
What is an example of an application of prescriptive analytics?
What is an example of an application of prescriptive analytics?
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Study Notes
Descriptive Analytics
- Summarizes raw data using data mining and aggregation techniques to reveal trends
- Involves measures of distribution (frequency or count), measures of central tendency (mean, median, mode), and measures of variability (variance and standard deviation)
- Helps identify the customer segment responsible for generating the highest revenue for a product
Diagnostic Analytics
- Analyzes data and correlates it with other data sets to uncover the underlying reasons for trends
- Techniques include probability theory, time-series analysis, filtering, and regression analysis
- Identifies specific features of the customer segment that contribute to their product purchases
Predictive Analytics
- Uses statistical modeling, data mining, and machine learning to forecast what will happen in the future
- Analyzes large volumes of data to calculate upcoming trends
- Can project the expected demand each customer segment will generate in the upcoming quarter
Prescriptive Analytics
- Recommends the next course of action based on predictions
- Harnesses data optimization, simulation, and decision analysis methods using artificial intelligence or machine learning techniques
- Recommends the optimal price and marketing strategies based on the forecasted demand and other contributing factors
- Helps identify the most profitable products and services to offer
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