Business Analytics

Business Analytics

A process that examines data using a variety of statistical tools and involves the discovery, interpretation, communication, and application of meaningful patterns in data toward effective decision making in the business workplace 

Descriptive Analytics

past data used to make a prediction

Predictive Analytics

what will happen

Prescriptive Analytics

what should we do

Step 1

Must have something to investigate/ what is the problem

Step 2

data management

Step 3

Descriptive analytics / what has happened

Step 4

Predictive analytics / what will happen

Step 5

Prescriptive Analytics / how can I make it happen

Step 6

Actionable business decisions

Step 7

Ask the next question

What are the 2 data types?

quantitative and qualitative

Is making money the business problem

no

Critical Thinking

examine, interpret, and evaluate data to make connectionsD

Data Literacy

understand data types and data collection methods; be able to accurately communicate about data in context