2.1 The Data Analytics Revolution

Data analytics involved looking at historical data to...

• uncover trends, patterns and other descriptive information about an organization

• dicover patterns and trends

• for trending, data analytics

• uncover insights into customer and employee behaviors

Data sets used for analysis of trends, patterns and other descriptive information about an organization, is called?

• traditional analytics

• descriptive analytics

• predictive analytics

• business decisions analytics

descriptive analytics contain static data such as

• past product performance

• customer transactions

• inventory levels

• inventory lead times

descriptive analytics

• is usually analyzed immediately

• the less compiled

• is to present information

• is not usually analyzed immediately

What is the primary goal of traditional data analysis?

• Is to present results of descriptive analytics

• is to present information in a way that is easy for non-technical decision makers to understand

• is no longer enough only to run descriptive analysis on data

• is not used to draw inferences

Examples of insights uncovered through traditional analytics include...

• past product performance

• company profitability

• inventory lead times

• advertising program success

Example of organizations using advanced analytics to improve their operations

• company profitability, inventory lead times

• a bussines looking at historical data

• a manufacturer constantly monitoring defect reports in order to modify production processes as quickly as possible

• a bank immediately discards each transaction from the account

It is focused on what has happened

• Diagnostic analytics

• Predictive analytics

• Prescriptive analytics

• Descriptive analytics

It is focused on what could happen

• Prescriptive analytics

• Predictive analytics

• Diagnostic analytics

• Descriptive analytics

It is focused on what should happen

• Prescriptive analytics

• Descriptive analytics

• Diagnostic analytics

• Predictive analytics