Data Analytics Flashcards
What is meant by Data Analytics?
The process of collecting, organising and analysing large amounts of data.
What are the 4 types of Data Analytics?
Descriptive
Diagnostic
Predictive
Prescriptive
What is Descriptive in Data Analytics?
What has happened to the business?
It looks and reports on past performances.
What is Diagnostic in Data Analytics?
Why did it happen?
It does detailed analysis on the cause of things that have happened to the business.
What is Predictive in Data Analytics?
What is likely to happen next?
It is important for businesses to produce accurate forecasts.
What is Prescriptive in Data Analytics?
What action do we need to take now?
It may use machine learning or algorithms set by the business to make recommendations.
What are the Advantages of Data Analytics?
It can speed up the reporting processes.
It may also reduce the risk of fraud as it can identify anomalies in information.
What are the Disadvantages of Data Analytics?
Using predictive and prescriptive data analytics can be expensive.
