Analytics in Real Time

Question 1

How many types of analytics are there?

Answer 1

There are 4 types: Descriptive, Predictive, Prescriptive and Diagnostic.

Question 2

What are Descriptive Analytics?
What are they used for?
State an example.

Answer 2

Analytics that describe what has happened.
_ _ _ _ _ _ _ _
They are used for:
- Reports
- Summarizing Data
- Answering simple questions
_ _ _ _ _ _ _ _
Examples:
- Summarising events such as sales and inventory
- Understanding engagement
- Reporting trends

Question 3

What are Predictive Analytics?
What are they used for?
State an example.

Answer 3

Analytics that predict what could happen.
_ _ _ _ _ _ _ _
They are used for:
- Making predictions [based on probabilities]
- Suggesting what could happen next
- Establishing a predicted future trend
- Guiding realistic goal setting
_ _ _ _ _ _ _ _
Examples:
- Forecasting purchasing patterns
- Recommending products to customers based on past purchases and SH
- Identifying security in need of further investigaton

Question 4

What are Prescriptive Analytics?
What are they used for?
State an example

Answer 4

Analytics that state what should be done.
_ _ _ _ _ _ _ _
They are used for:
- Tells you what should be done in a given situation
- Helps team make best decisions based on available data
Examples:
- GPS Providing route options, taking into consideration traffic and road conditions
- Prescribes best route based on user preference

Question 5

What are Diagnostic Analytics?
What are they used for?
State an example.

Answer 5

Analytics that state why things happened.
_ _ _ _ _ _ _ _
They are used for:
- Helping descrptive analytics by digging deeper and finding the cause
Examples:
- Analysig customer ratings, to find out why they cancelled their subscriptions
- Determining if there is a link between customer demographics and purchasing patterns [ at specific times of year ]