Descriptive analytics refers to understanding past trends based on historical data. For example, sales performance reviews, financial reports, and website traffic charts are all forms of descriptive analytics. Using this technique, you can review past events to determine if your sales team is performi...
In descriptive analysis, it’s also important to find out the Central (or average) Tendency or response. Central tendency is measured with the use of three averages — mean, median, and mode. As an example, consider a survey in which the weight of 1,000 people is measured. In this cas...
Data is transformed in a staging area before it is loaded into the target repository (typically a data warehouse). This allows for fast and accurate data analysis in the target system and is most appropriate for small datasets which require complex transformations. The more modern ELT pipeline ...
Data analytics can also be separated into quantitative data analysis and qualitative data analysis. The former involves the analysis of numerical data with quantifiable variables. These variables can be compared or measured statistically. The qualitative approach is more interpretive, as it focuses on un...
Healthcare: In healthcare, data analytics is key for better patient care and cost management. Analysis tools look through tons of medical data. This improves treatment plans and patient results while keeping costs in check. Retail: For retail, analytics helps know what customers like and market ...
This is done by utilizing different tools, techniques, frameworks and statistical analysis. You can think of data analytics as a form ofbusiness intelligence (BI)used to answer business-related questions identify trends and solve issues every organization is facing (we will tap into those in one ...
Exploratory Analysis:It is like exploring and going through data to get anything important or interesting which might not be visible easily. It seeks to uncover new information embedded in the data. Step-by-Step Data Analysis Workflow By referencing these steps, the data analysis process involves ...
Data analytics is the process of analyzing, interpreting, and visualizing large, complex datasets to derive meaningful insights and make informed decisions. It encompasses a variety of techniques from statistical analysis to machine learning, aimed at analyzing past and current data to predict future tr...
Examples of descriptive analytics include financial statement analysis: Which product has the largest customer acquisition cost? Which product is most in demand? How much is the company spending on product advertisement for the most popular products as compared to least popular products?
"It is the next frontier of analytics used in decision support to provide decision options, outcomes of each option and associated risk using techniques from descriptive and predictive modeling," said Terri Sage, chief technology officer at 1010data, a provider of analytical intelligence to the fina...