Question

1. Please describe the main categories of data that you may find while conducting data analytics, provide some examples of these categories, and explain why it is important to know these categories when performing business-analytic.

2. Define business analytics. Make sure to include a description of the different types of analytics as defined by the Institute for operations research and management science (INFORMS)

Answer 1

Solution 1: While working in the field of data analytics, you basically come across two kinds of data, one is the traditional data and the other is big data. The distinction between them is carried out in the terms of size, while the traditional dataset may contain around thousands or records and can be handled using the normal software analysis tools, the big data generally contains around millions of records and is really hard to handle and need sophisticated tools to perform the analysis on the data. It is really important to know about these categories before going to perform the analysis so that the right kinds of operations can be performed in an efficient and effective way.

Solution 2: The process of churning out the insights from the business data so that they can be visualized and can be represented in an efficient manner. It basically includes determining the trends and the patterns present in the data so that they can be represented and presented before the decision-makers. This is performed using statistical algorithms using sophisticated software tools to perform that analysis. This helps these people to make better business decisions that would help the organization to earn more profits in the long run. There are three kinds of analytics and they are:

1. Descriptive Analytics: Its kind of data storytelling and it includes finding out the patterns in the business data from the past and explaining to the officials that what it represents.
2. Predictive Analytics: It basically includes determining the trends and patterns present in the data and then modelling the future performance of the organization according to them.
3. Prescriptive Analytics: It involves finding the trends and patterns present in the data to determine what kind of business decisions should be taken by the organization to improve their performances.

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