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Unit I. Business Analytics Basics
Unit I. Business Analytics Basics
It is used to solve complex business It is used to predict future states and drive
problems and give efficient solution. business decisions.
Data It deals with both structured as well as It mainly deals only with structured
unstructured data. data.
Method It makes the use of scientific method. It makes the use of analytic method.
Questions It deals with the questions what will It deals with the question what
happen and what if. happened.
It’s tools are SAS, BigML, MATLAB, It’s tools are InsightSquared Sales
Tools Excel etc. Analytics, Klipfolio, ThoughtSpot, Cyfe,
TIBCO Spotfire etc.
Data analyst Business analyst
Statistics Prototyping
– PC Software
– Chatbots
1. Descriptive Analysis
2. Predictive Analysis
3. Prescriptive Analysis
Descriptive Analysis
• This branch analyses and finds answers to the Question
• What has happened in the Past?
• Descriptive analysis performs the function of describing or
summarizing raw data to make it easily understandable and
interpretable buy the humans.
Predictive Analysis
• This branch uses forecasting techniques and statistical models
to find out
• What is going to happen in future?
• Predictive analysis help us in predicting the future course of
events and taking necessary actions for the same
• It employs predictive modeling and machine learning.
Prescriptive Analysis
• This branch uses optimization and simulation algorithms to
find answers to the question
• What should we do?
• It is used to give advise on possible outcome
• This is relatively new field of analytics that allow users to
recommend several different possible solutions to the
problem and to guide them about the best possible course of
action.
Users of Business Analytics
• Students
• Business Peoples
• Accountants and Auditors
• Organizations or Companies
Tools used for Business Analytics
• MS Excel
• SPSS
• R
• SAS
• E Views