Types of Analysis
There are four main types of analytics – descriptive, diagnostic, predictive and prescriptive. These four types together answer everything a company needs to know- from what’s going on in the company to what solutions to be adopted for optimising the functions.
The four types of analytics are usually implemented in stages and no one type of analytics is said to be better than the other. They are interrelated and each of these offers a different insight. With data being important to so many diverse sectors- from manufacturing to energy grids, most of the companies rely on one or all of these types of analytics. With the right choice of analytical techniques, big data can deliver richer insights for the companies. This presentation summarizes the Types of Analyses.