Predictive Data Analytics - Forecasting tools are used to predict how a sample population is going to behave based on past precedent. A classic example is forecasting stock prices or predicting consumer behavior Descriptive Data Analytics - Simply put, it is a numeric that represents a variable. Your book states that the world Population is 7-Billion in 2015.....this is descriptive. Or gas prices today are $3.50 per gallon Prescriptive Data Analytics - Like your book states, it is a methodology that seeks to make decisions (prescription) based on Descriptive data. The most classic example is the U.S. Census. Census Workers go from door-to-door asking people in households questions such as "how many people live in your home?" "What are their ages?" "What are their gender". The answers to these questions provide the U.S. Government with the information they need in order to provide services that will support the Constituency in a particular geographic region or area. Of the 3 types of Data Analytics, which one do you find the most interesting and why?
Predictive Data Analytics - Forecasting tools are used to predict how a sample population is going to behave based on past precedent. A classic example is forecasting stock prices or predicting consumer behavior Descriptive Data Analytics - Simply put, it is a numeric that represents a variable. Your book states that the world Population is 7-Billion in 2015.....this is descriptive. Or gas prices today are $3.50 per gallon Prescriptive Data Analytics - Like your book states, it is a methodology that seeks to make decisions (prescription) based on Descriptive data. The most classic example is the U.S. Census. Census Workers go from door-to-door asking people in households questions such as "how many people live in your home?" "What are their ages?" "What are their gender". The answers to these questions provide the U.S. Government with the information they need in order to provide services that will support the Constituency in a particular geographic region or area. Of the 3 types of Data Analytics, which one do you find the most interesting and why?
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section13.4: Multiple Regression Models
Problem 15P: Stock market analysts are continually looking for reliable predictors of stock prices. Consider the...
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- Predictive Data Analytics -
Forecasting tools are used to predict how a sample population is going to behave based on past precedent. A classic example is forecasting stock prices or predictingconsumer behavior - Descriptive Data Analytics - Simply put, it is a numeric that represents a variable. Your book states that the world Population is 7-Billion in 2015.....this is descriptive. Or gas prices today are $3.50 per gallon
- Prescriptive Data Analytics - Like your book states, it is a methodology that seeks to make decisions (prescription) based on Descriptive data. The most classic example is the U.S. Census. Census Workers go from door-to-door asking people in households questions such as "how many people live in your home?" "What are their ages?" "What are their gender". The answers to these questions provide the U.S. Government with the information they need in order to provide services that will support the Constituency in a particular geographic region or area.
Of the 3 types of Data Analytics, which one do you find the most interesting and why?
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