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Analytical Decision Making

Describes characteristics of a dataset. Mean, median, mode, variation, standard deviation, range.... Descriptive analytics
Uses data from t he past to predict the future Predictive
Uses experimental design and optimization to predict a future Prescriptive
If we move to six appointments an hour we can increase revenue 2%. Which form of analytics is this? Prescriptive - We are taking a specific course of action
Based on the last four quarters, we can predict $4,1 million in sales next quarter. Which form of analytics is this? Predictive: We aren't taking any action
The number of appointments per day averaged 7 over the last 6 months. Which form of analytics is this? Descriptive: We are only describing the past. No future predictions are made.
Is Big Data structured, unstructured or both? Both
Where do we store big data In a big data warehouse
Why do marketing teams use big data? "Datamining" assists in targeting the best customers for new products or reaching existing customers for like products
Created by: mgallo3
Popular Management sets




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