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What are the three categories of business analytics?
What is the quantitative analysis process? Give several examples of this process.
Step by step
Solved in 3 steps
- What are the different types of analytics? How can they be applied to improve business performance? Provide examples.It's the key distinction between business intelligence and analytics that makes the two distinct from each other.What, in your view, is the most significant distinction between business intelligence and analytics?
- What is the role of data analytics in business? Who is responsible for performing data analytics? How is data analytics performed?With the use of relevant examples, outline the benefits that can be derived from effective use of business intelligence and analyticsWhere do the data for business analytics come from? What are the sources and the nature of those incoming data?
- What exactly is business analytics, and what is its goal in terms of producing value from data?In your view, which of these two terms—business intelligence or analytics—best describes the primary distinction between the two?What are the differences between descriptive, predictive, and prescriptive analytics? Explain in detail with examples how each of these can be useful in the current business world.
- Descriptive, Prescriptive, and Predictive Analytics, are methods used to determine outcomes for businesses. How are they different from each other? When are they used? Pretend that you are a Data Analyst in a company, how would you apply or used some of these methods?How do you explain a technique used to analyze the quantitative data for resolving either a personal or business problem, and how the analysis technique helped accomplish your objective of resolving a personal or business problem?In at least 300 of your own words, explain the differences between qualitative and quantitative data. Why is this important for you to know in your prospective career field?