Analytics: It is defined as, “The scientific process of transforming data into insights for making better decisions.”
Data Analysis: It is the process of examining, transforming and arranging raw data in a specific way to generate useful information from it.
Analysis ≠ Analytics
Analysis: What has happened in the past?
Analytics: What will happen in future?
Classification of Data Analytics:
Descriptive Analysis: It describes in detail about what happened in the past. It is the conventional form of business intelligence and Data Analysis.
Diagnostic Analysis: It is the form of advanced analytics which examines data or content to answer the question, “Why did it happen?”
Predictive Analysis: It helps to forecast trends based on the current events. i.e. “What will happen?”
Prescriptive Analysis: Set of techniques to indicate the best course of action. It tells what decision to make to optimize outcome. i.e. “How can we make it happen?”
Types of Variables: