From the course: Business Analytics Foundations: Predictive, Prescriptive, and Experimental Analytics
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Stages of business analytics
From the course: Business Analytics Foundations: Predictive, Prescriptive, and Experimental Analytics
Stages of business analytics
- [Narrator] Let us take a moment to look at the various stages of business analytics. The first stage of business analytics is descriptive analytics. This is the primitive stage that has been there for decades. Here, we try to answer the question, what happened in the past? Simple and ready made analytics. The second stage is exploratory data analytics. This stage answers the question, what is going on? This is a deep dive into the data to understand behavior and discover patterns. The third stage is explanatory analytics. This stage answers the question, why did it happen? This is a targeted exploration and recent finding effort to answer a specific business question. The fourth stage is predictive analytics. This stage answers the question, what will happen? It tries to predict the future based on the events that happened in the past. The fifth stage is prescriptive analytics. This stage recommends steps and actions to take advantage of future predictions and to come up with…
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