Descriptive Models
Analyzing Marketing Effectiveness with Data
Transforming Data into Predictive Insights
Data Mining and Analysis
Analytical Frameworks
Business Analytics
Enhance Strategic Communication with Data
Sales Insights Generation
Business Metrics 
business analytics: Component Description
Descriptive Analytics Analyzes past data to understand what happened in the business
...Predictive Analytics Uses statistical
models to forecast future outcomes based on historical data
...
Analyzing Marketing Effectiveness with Data Common techniques include:
Descriptive Analytics: Summarizes historical data to identify trends and patterns
...Predictive Analytics: Uses statistical
models to forecast future outcomes based on historical data
...
Transforming Data into Predictive Insights Model Development: Building predictive
models using machine learning algorithms
...This phase typically includes:
Descriptive Analytics: Summarizing historical data to understand trends and patterns
...
Data Mining and Analysis Data Analysis Methods Data analysis methods can be categorized into two main types:
descriptive and inferential
...KNIME: A free, open-source analytics platform that enables users to visually create data flows and
models ...
Analytical Frameworks Below are some of the most commonly used frameworks:
Descriptive Analytics Diagnostic Analytics Prescriptive Analytics Predictive Analytics Statistical Analysis Qualitative Analysis 1
...Predictive Analytics Predictive analytics uses statistical
models and machine learning techniques to forecast future events based on historical data
...
Business Analytics (K)
Business Analytics can be categorized into three primary types:
descriptive, predictive, and prescriptive analytics
...Predictive Analytics Predictive Analytics uses statistical
models and machine learning techniques to identify the likelihood of future outcomes based on historical data
...
Enhance Strategic Communication with Data In the context of strategic communication, it can be categorized into three main types:
Descriptive Analytics: Analyzes historical data to understand trends and patterns
...Predictive Analytics: Uses statistical
models and machine learning techniques to forecast future outcomes
...
Sales Insights Generation This practice falls under the broader category of Business Analytics, specifically within the realm of
Descriptive Analytics
...Predictive Analytics Uses statistical
models and machine learning techniques to predict future outcomes based on historical data
...
Decision Decision-Making
Models Various models exist to aid in the decision-making process: Rational Model: A logical, step-by-step approach to decision making
...Key aspects of data analysis in decision-making include:
Descriptive Analytics: Analyzing historical data to understand past performance
...
Maximize Profit Margins Key areas include:
Descriptive Analytics Descriptive analytics involves analyzing historical data to understand past performance
...Techniques include: Optimization
Models: Use mathematical models to find the best solutions for resource allocation and pricing
...
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