Define And Describe The Three Analytics Types Essay

1. Define and describe the three analytics types. a. Descriptive Analytics. This type of business analytics is to answer the question â€Å"what is happening† and â€Å"why did it happen?†. The process of descriptive analytics is looking at past performance and understanding this performance. Data mining, data aggregation, segmentation, profiling are some tools that can be used to perform the descriptive analytics. The output of this analytics, for example, is the age range of bank customers, the income distribution of the customers, number of children in the household, and customers’ preferences. b. Predictive Analytics. This type of business analytics is to answer the question â€Å"What is likely to happen?†. The process of predictive analytics is identifying past patterns and using statistical models and forecast techniques to understand the future. The output of the predictive analytics, for example is, which age range of customers that will apply for credit cards in the next 12 months, which income range of the customers that will use the electronics banking facilities for next 2 years. c. Prescriptive Analytics. This type of analytics will help answer the question â€Å"What action should be taken?†. This analytics uses optimization and simulation algorithms to advise on possible outcomes (maximize good outcomes and minimize potentially bad outcomes). Prescriptive analytics is a decision making tool equipped with the risk mitigation. The output of prescriptive analytics, for exampleShow MoreRelatedDesigning A Program For The Assessment Method Essay747 Words   |  3 Pages(Allen Tanner, 2006, and Reedy, 2007) developing rubrics follows several steps; defining the learning objectives of the course, decide upon the assessment methods that would be employed to assess the achievement of the learning goals of the course, describe the criteria and the levels of performance for the assessment method as would be applicable in the course. Anglin, et al (2008) felt the rubric is an attempt to quantify qualitative judgment. This occurs by documenting observable an d measurableRead MoreThe Genius Of Rubrics Is A Coherent Set Of Criteria1493 Words   |  6 Pagesincludes descriptions of levels of performance quality on the criteria. Sounds simple enough, right? Unfortunately, this definition of rubric is rarely demonstrated in practice. The Internet, for example, offers many rubrics that do not, in fact, describe performance. 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