Podcast
Questions and Answers
What is the main objective of Descriptive Analytics?
What is the main objective of Descriptive Analytics?
Which team would most likely use Diagnostic Analytics to understand factors contributing to why employees may leave a company?
Which team would most likely use Diagnostic Analytics to understand factors contributing to why employees may leave a company?
What is the primary purpose of Predictive Analytics?
What is the primary purpose of Predictive Analytics?
If a company is using deep learning and machine learning algorithms to find patterns in data, which type of analytics are they most likely employing?
If a company is using deep learning and machine learning algorithms to find patterns in data, which type of analytics are they most likely employing?
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Which type of analytics involves determining 'what should we do next?'
Which type of analytics involves determining 'what should we do next?'
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In the context of business analytics, which type of analytics is focused on analyzing historical data to identify trends for data-driven decision-making?
In the context of business analytics, which type of analytics is focused on analyzing historical data to identify trends for data-driven decision-making?
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What type of analytics focuses on analyzing historical data to understand what happened in the past?
What type of analytics focuses on analyzing historical data to understand what happened in the past?
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Which type of analytics aims to determine why an event occurred by digging deeper into the data?
Which type of analytics aims to determine why an event occurred by digging deeper into the data?
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Predictive Analytics focuses on:
Predictive Analytics focuses on:
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Which type of analytics suggests the best course of action based on the insights gained from data analysis?
Which type of analytics suggests the best course of action based on the insights gained from data analysis?
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If a business wants to know why their sales dropped in a specific region, which analytics would be most appropriate?
If a business wants to know why their sales dropped in a specific region, which analytics would be most appropriate?
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Which analytics type is most concerned with providing insights into what is likely to happen in the future based on historical data?
Which analytics type is most concerned with providing insights into what is likely to happen in the future based on historical data?
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What is the primary objective of Descriptive Analytics?
What is the primary objective of Descriptive Analytics?
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Which type of analytics focuses on answering the question 'What happened?'
Which type of analytics focuses on answering the question 'What happened?'
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In the context of analytics, what does Predictive Analytics primarily deal with?
In the context of analytics, what does Predictive Analytics primarily deal with?
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Which type of analytics involves using statistics and computer programming to gain insights into data meanings?
Which type of analytics involves using statistics and computer programming to gain insights into data meanings?
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What distinguishes Diagnostic Analytics from Descriptive Analytics?
What distinguishes Diagnostic Analytics from Descriptive Analytics?
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Which type of analytics aims to recommend the best course of action based on data analysis?
Which type of analytics aims to recommend the best course of action based on data analysis?
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Study Notes
Descriptive Analytics
- The main objective is to summarize historical data to provide insights into past events.
- Focuses on answering the question "What happened?" to inform business decisions.
Diagnostic Analytics
- Generally used by human resources teams to analyze factors contributing to employee turnover.
- Aims to determine why events occurred by exploring data deviations.
Predictive Analytics
- Primary purpose is to forecast future outcomes based on historical data.
- Concerns itself with what is likely to happen in the future, utilizing advanced statistical models.
Deep Learning and Machine Learning
- Companies employing these techniques are using Predictive Analytics.
- These algorithms are designed to identify patterns within large datasets for forecasting.
Prescriptive Analytics
- Involves determining “what should we do next?” by recommending actions based on data insights.
- Aims to suggest the best course of action derived from analytical findings.
Focus of Business Analytics Types
- Business analytics focuses on analyzing historical data to identify trends for data-driven decision-making.
- Diagnostic Analytics delves into understanding the causes of past events, distinguishing it from Descriptive Analytics.
Historical Analysis
- Descriptive Analytics focuses on what happened historically, generating insights into past performance.
- The primary distinction between Diagnostic and Descriptive Analytics is the exploration of causality in Diagnostic Analytics.
Recommendations and Insights
- Prescriptive Analytics takes data findings and uses them to recommend the best actions moving forward.
Additional Insights
- Businesses wanting to investigate reasons for a decline in sales should utilize Diagnostic Analytics.
- Predictive Analytics is crucial for businesses trying to anticipate future trends based on historical performance.
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Description
Test your knowledge on root cause analysis and predictive analytics. Learn how to identify anomalies, outliers, and make predictions about future outcomes in various industries such as sales, marketing, and human resources.
