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Wylie A. Baguing
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14 views

2nd Assignment

Progress and achievements

Uploaded by

Wylie A. Baguing
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Baguing, Kleah Mae A.

BSIS 3-A

Define and differentiate the different types of analytics and give examples.
Types of Analytics
1. Descriptive
 describes or summarizes a business’s existing data to get a picture of
what has happened in the past or is happening currently. It is the simplest
from of analytics and employs data aggregation and mining techniques.

 The application of simple techniques that describes what is a contained in


a data set or database.

 Examples of metrics used in descriptive analytics include year-over-year


pricing changes, month-over-month sales growth, the number of users, or
the total revenue per subscriber. Descriptive analytics is now being used
in conjunction with newer analytics, such as predictive and prescriptive
analytics.

2. Predictive
 Forecast the possibility of future events using statistical models and
machine learning techniques. This type of business analytics results to
devise models that can extrapolate the likelihood of select outcomes.

 Predictive analytics encompasses a variety of statistical techniques from


data mining, predictive modeling, and machine learning that analyze
current and historical facts to make predictions about future or otherwise
unknown events.

Examples of Predictive Analytics


 Finance Forecasting Future Cash Flow
 Entertainment & Hospitality Determining Staffing Needs
 Marketing Behavioral Targeting
 Manufacturing Preventing Malfunction
 Health Care Early Detection of Allergic Reactions
3. Prescriptive
 goes a step by step beyond predictive analytics, providing
recommendations for next best actions and allowing potential
manipulation of events to drive better outcomes.

 Prescriptive analytics is the third and final phase of business analytics,


which also includes descriptive and predictive analytics.

 Example: On social media, TikTok's “For You” feed is one example of


prescriptive analytics in action. The company's website explains that a
user's interactions on the app, much like lead scoring in sales, are
weighted based on indication of interest.

4. Descriptive
 To identify possible trends in large data sets or databases. The purpose is
a get a rough picture of what generally the data looks like and what
criteria might have potential for identifying trends or future business
behavior.

 A descriptive statistic is a summary statistic that quantitatively describes


or summarizes features from a collection of information, while descriptive
statistics is the process of using and analyzing those statistics.

 Examples of metrics used in descriptive analytics include year-over-year


pricing changes, month-over-month sales growth, the number of users, or
the total revenue per subscriber. Descriptive analytics is now being used
in conjunction with newer analytics, such as predictive and prescriptive
analytics.

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