By Team Escalera
on 24 Jul 2018 05:26 PM
  • Data Analytics, Business Analytics, Predictive Analytics

Definition: Analytics is the way to generate insight of any system using statistical concepts such as variance, co-variance, standard deviation, correlation, coffecient of determination, hypothesis testing, regression model, time series, forecasting etc. For doing analytics we must be well versed with key statistical concepts.  It can also be thought of as the application of an algorithm (a sequence of steps) or transformation to generate insights from processed dataset.

Types of Analytics: Basically there are four types of analytics that can be employed to generate insights of any systems.

1-Descriptive analytics: - Compressive, accurate and live data effective visualization is used in descriptive analytics.

2-Diagnostic analytics:- It has ability to drill down root causes and isolate all confounding information.

3- Predictive analytics: - In predictive analytics decisions are automated using algorithms. Business strategies have remained fairly consistent over time and historical pattern being used in this analytics.

4-Presriptive Analytics: - We apply advanced analytical techniques and recommended action. 



Steps in Data Analytics

1-Data procurement

2-Data staging

3-Data Cleaning

4-Data preparation

5-model building

6-model deployment



By Escalera Technologies

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