Business Analytics Methods and Models
There are various methods and models within business analytics. These are categorized into descriptive, predictive, and prescriptive analytics.
- The process of reducing data and summarizing historical data to make decisions from past behaviors is known as descriptive analytics.
- With predictive analytics, both historical and recent data are examined to discover patterns and predict what might happen in the future.
- Prescriptive analytics goes one step further by showing the outcome of what a particular plan of action might look like and the effect of future decisions that might be made based on the model and plan of action.
Instructions
Build a visualization (table, chart, infographic, etc.) showing the differences between descriptive, predictive, and prescriptive analytics. Keep in mind there are several tools used in each method and some may overlap.
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